Today let us take a look at GBPUSD and its 4h activity. Let’s jump in.
On the 4h chart of GBPUSD, we can see price nicely and strongly dropping, making an impulsive sequence away from the 1.3656 level. This reaction lower we now see as an impulse in the making, which has to unfold five waves within itself. At the moment, however, we only see two and the third one in progress. The mentioned wave 3 is expected to reach levels near the 1.2971 zone and search for a base, before a new reaction higher comes in play and unfolds a corrective wave four.
Ideally, we will see even more weakness at the start of next week.
GBPUSD, 4H
