A decline from 2008 peak to 2009, 1.3500 low was in five waves, which in Elliott Wave theory indicates a direction of a larger trend. This is called an impulse wave, and once this leg is complete you will see a reversal in price, against the trend, normally into a slow, choppy and overlapping price action which is personality of a correction. Well, this is exactly what has market experienced since 2009 lows. As such, we are very confident that pair made a corrective pattern in wave (B) position called a triangle. In fact, this triangle could already be in place as current price closed below rising trend-line connected from 2009 low.
We however still want to see a break of wave D) 1.5267 low that will confirm the bearish view for wave (C) fall towards 1.3000.
GBPUSD Weekly Chart - Elliott Wave Analysis http://bit.ly/XW3AKM
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