Bearish view in the weekly frame:

The Cable’s potential is the same as the Euro. Developing the Primary degree sequences:  impulsive wave A (circle), an (A) – Triangle (B) – (C) formation as corrective wave B (circle) and impulsive wave C (circle) in progress.

The decline from the 1.7157 high on July 2014 has the potential to be extended through the lower levels, to complete the Primary wave C (circle).

Under this bearish alternate count, the five waves down could be labeled as Intermediate extended wave (1), and the recent rebound as corrective wave (2) of the same degree. In this case, the Intermediate waves of (3), (4) and (5) to the downside lie ahead prior to the end of Primary wave C (circle).

The anticipated target for the overall decline is 1.2468, where wave C (circle) equals 0.618 times the length of wave A (circle).

GBPUSD - Weekly

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