GBPUSD - Corrective Waves to unfold

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 GBPUSD daily chart

Analysis

Cable is moving in a higher highs and higher lows and yet it has not breached any of its previous lows which can discontinue the positive formation. As of now from past 3-4 months, the pair was consolidating with positive bias. It needs to be noted that the resistance of the trend line became the hindrance for the pair dragging it lower till 1.2594 levels. I am of the opinion that prices are poised to move down towards 1.20-1.18 price zone over medium term.

As per Wave theory, prices have completed the expanding diagonal in wave 5 and has started the corrective structure which is wave a. Within wave a, wave b is in motion and then wave c lower which can test 1.2350 levels.

The summation is GBPUSD is negatively poised can can test 1.2350 levels going ahead. The pair can sink towards 1.20-1018 levels over medium term.

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