Are we going to see a test of 1.6170 directly? and If we do get there, will we get a 10-big figure decline from there? These are some of the questions that the Wavetimes watcher must be having. Elliott Wave Analysis of GBP/USD suggests that so long we we stay above 1.5915 now, there is a reasonably good chance for a direct move to 1.6160-70. And if we do reach there without going first to below 1.5700, then the 1000 point decline will be delayed. The delay is a good thing because when the sell off starts from a higher level, it will still go towards 1.5130, which means the move will be greater than 1000 points by the extent the GBP/USD goes above 1.6170! I will of course try and alert you as the topping signs show up. But for the time being, I think we should play it sensibly and refrain from being short until an evidence of a top is in place.
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