GBP/USD - Breaking support near 1.4485 calls for a decline to 1.4024

GBP/USD - Breaking support near 1.4485 calls for a decline to 1.4024

GBP/USD - Breaking support near 1.4485 calls for a decline to 1.4024 

The break below support near 1.4485 confirms that an impulsive decline from 1.4664 has been seen and calls for more downside pressure to 1.4024 and lower for the coming days/weeks. 

Short term, the downside momentum will stay intact as long as minor resistance at 1.4485 is able to hold. The next minor downside target to look for is seen at 1.4439 and below here 1.4371. 

A break above minor resistance at 1.4485 will call for a correction towards 1.4594 before lower again. 

Longer term, much lower levels should be seen, with an ultimate break below 1.3834 calling for a continuation lower to 1.3344.  

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Thomas
2014-05-28
phenomenal new service EWS, I have followed you for 18 months and the exceptional analysis continues unabated! I look forward to the daily updates focusing on the most interesting and potentially lucr...
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane