GBPUSD Due to the broad weakness in US dollar the cable got some boost even there is a brexit worries are ahead and the UK economy is still in lagging phase
GBPUSD has broadly reached the 1.34800 level and started falling towards the 50% Fibonacci retracement level which is at 1.32700 On Elliott wave principal the minor waves A,B,C is completed we can expect downward Elliott wave correction in coming days
Minor head and shoulder pattern is also forming at his level
Yesterday the supportive trend line was broken and we can expect a retest at 1.33650 Which is a 23.6% Fibonacci retracement level
Suitable selling orders may placed at this level and the potential take profit will be 1.32700 which is a 50% Fibonacci retracement level
Brexit headlines will make this pair more volatile in coming days
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Disclaimer! This post does not provide financial advice. It is for educational purposes only