I wrote this in a technical alert yesterday at DailyFX - “The GBPUSD low today (just a few hours ago) occurred right at Elliott channel support. Elliott channeling is a technique that is used to identify wave 4 lows - among other significant points. The tops of waves 1 and 3 are connected and then a parallel line is extended from the bottom of wave 2. The extended line approximates the end of wave 4. This is not always the case, but it may be here. The implications are bullish as wave 5 may be underway now towards 1.5300 (wave 5 = wave 1 at 1.5300).” There is no change to this analysis and risk can be moved to 1.4942.
