GBPUSD in Correction Phase – Potential for a Short OpportunityGBPUSD ( FX:GBPUSD ) is approaching the Support zone($1.286-$1.278) , Support lines and Important Support line .
Regarding Elliott Wave theory , GBPUSD appears to have completed the microwave 5 of the main wave 3 with the help of the Ending Diagonal Pattern and is currently completing the main wave 4 . The main wave 4 is likely to have a Double Three Correction(WXY) .
I expect GBPUSD to decline at least to the Support zone($1.286-$1.278) and Support lines .
Note: If GBPUSD goes above $1.30 we should expect more pumping. The worst Stop Loss(SL) for a SHORT position could be $1.30.
Note: If GBPUSD falls below $1.2760, we should expect more dumping.
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British Pound/U.S. Dollar Analyze (GBPUSD), 4-hour time frame.
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