The GBPUSD has plunged in what is clearly a 3rd of a 3rd wave decline (3 of 3 of 3 from 15831). Fibonacci extensions are just below today’s low. A series of small 4th and 5th waves should unfold, keeping the pair headed lower. 15000 is short term resistance.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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