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GBP/USD Could Reverse Into A Deeper Pull-back, towards 1.5480

Sameer Kapoor 19 June 2013

GBP/USD Could Reverse Into A Deeper Pull-back, towards 1.5480 We can count five waves up in wave A) from 1.5000 psychological level on
the cable, which means that temporary high for this pair could be near
if we consider that correction follows after every five waves.

With
that said, a coming corrective retracement would be red wave B) that is
part of an incomplete second zig-zag in wave II. If we receive lower
levels for wave B), watch for a bounce/support zone at 1.5480/1.5550.

Forex Analysis by Gregor Horvat at ForexPros. com