Elliott Wave Analysis: Cable Still In A Correction; Move Beneath 1.4500 Would Indicate More Weakness

GBP/USD is trading to the upside this week from 1.4330 so it appears that corrective wave two is still underway. An updated count shows idea of a flat in progress after recent small break beneath red wave 1) which is usually the case in wave B of a flat pattern. That said, price is probably in wave C that can be looking for resistance then around current 61.8% Fibonacci level, so we remain bearish on cable as long as market trades beneath 1.4769 high where pair might have accomplished a big contra-trend move visible on higher time frames. From a confirmation point of view, we would need to see move back beneath 1.4500 to make sure that there is new leg down in play.

GBP/USD, 4H