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Pound was one of the weakest currencies yesterday, especially against the US dollar, when Gbp/Usd broke through 1.5950 support region. A very sharp bearish price action from 1.6180 suggests that pair could be in a third wave here; a red wave 3) which may easily reach much lower levels in the near future.

GBP USD Elliot WaveGuest post by  Gregor Horvat

Once the support line of a bullish channel is taken out, a decline towards 1.5650 region will be definitely expected. Traders should keep an eye on 1.5840 for a coming weakness

Critical resistance region for the near-term price action stands around psychological 1.6 level.

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