During the early Asian session on Thursday, the GBP/USD pair’s comeback from the weekly low was restricted around 1.3835-40. This justifies the cable pair’s continued trading below a one-month-old resistance line, as well as bearish Momentum and a downbeat RSI.
The bears, on the other hand, are up against a tough nut to crack, as several levels recorded since early March, around 1.3810-3800, are posing a hurdle to additional drops aimed at the yearly low around 1.3670.
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Elliott Waves in the Short Term The slide from the June 1, 2021 high appears to be unfolding as a five-wave impulse Elliott Wave formation in GBPUSD. Wave (1) of the decline from June 1 finished at 1.3784, and wave (2) of the rise concluded at 1.4. Wave (3) is currently in progress, unfolding in a 5 wave impulse to a lesser extent. Wave I concluded at 1.3946, and wave (ii) ended at 1.3986, both down from wave (2). In wave (iii), the pair continues to fall towards 1.388, with a bounce in wave (iv) ending at 1.3939. Lower wave (v) finished at 1.3869, completing wave I at a higher degree.
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