Chart View GBP/USD Daily: 1st leg of correction complete?
3 May 2018/3:14 pm ET
The decline from 1.4375 high to the 1.3532 low appears to be a three-wave affair labeled A-B-C. Note that Wave C is almost exactly the length of Wave A so far; evidence a bottom may be in on the first leg of this correction lower; i.e. Wave (A) and setting up for a rally in Wave (B) with scope to 1.4053 or 61.8% retracement. Aggressive players may wish to nibble on the long side here with a stop below the low at 1.3532.