Following last week’s developments the GBPUSD pair is moving as planned with a corrective formation.
For those that are risk seekers the short term profit still remains in selling, however I have started building up buy positions with smaller volumes and will increase the volumes the closer we get to the strong 1.40626 stop line.
Currently a clear Elliot wave is forming with the end of the 3rd wave’s 1st wave and going into a 2nd wave corrective formation.
On the fundamental side, the trigger for a movement either up or down will probably be Wednesday with oil and key speakers.
The expected supports where the correction end could be expected are 1.42262 and 1.41612.
Good point. I'll keep a close eye on the currency.
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