GBP/USD Elliott Wave Retracement Short Set Up
Elliott Wave 4 confirmed at failed break of the 76.4% Fib level.
Brexit fears weight down optimism as well as a a key member of the British cabinet provoking a cross party spilt of the ruling Conservatives.
CPI data tomorrow is not expected to be highly positive and a poor read should confirm a lower close for Tuesday.
There are event risks with the ZEW survey and CPI as mentioned which if positive may boost sterling back to a re-test of the 76.4% Fib level.
Advised stop is 15 points above the 76.4% fib level. Advised target short term 50% fib and long term 0% fib. Prices are on the chart.
Brexit fears weight down optimism as well as a a key member of the British cabinet provoking a cross party spilt of the ruling Conservatives.
CPI data tomorrow is not expected to be highly positive and a poor read should confirm a lower close for Tuesday.
There are event risks with the ZEW survey and CPI as mentioned which if positive may boost sterling back to a re-test of the 76.4% Fib level.
Advised stop is 15 points above the 76.4% fib level. Advised target short term 50% fib and long term 0% fib. Prices are on the chart.
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