GBPUSD: Impulse wave

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GBPUSD Daily chart


GBPUSD is on the brink to tumble as it is moving in a lower high and lower low formation. This formation is a diabolic formation for the bulls. Any move in a rally is a selling opportunity. Once the selling intensifies at the supply zone the bears drag the prices and try to break the previous bottom which accelerates further selling pressure.

As of now the falling blue channel is intact and so as its resistance and support. Prices are trading close to the resistance. From past five trading sessions prices are closing near the low of the day. The resistance for cable will be placed at 1.27 and on the downside it can move till 1.23-1.22 price range.

As per wave theory, prices are moving in wave c which is a five wave structure. Here wave c is extended in wave iii which is a longest wave. This wave can stumble prices till 1.23 levels.

In short, the bias is firmly negative for GBPUSD as prices are set to falter near till 1.23-1.22 levels in near term with resistance at 1.27.

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