? GBP/USD Bearish Momentum in Wave 3 Aims at 1.20 Target ?

Dear traders,

the GBP/USD is showing very strong bearish momentum. A bearish continuation is likely to aim for the 1.20 round level.

GBP/USD

1 hour chart

The GBP/USD is pulling the 21 ema zone away from the 144 ema. Also, swat.MOMENTUM (pink/purple) have appeared and confirm the impulse. This is likely to create a bearish wave 3 (purple). The current pullback is therefore probably a wave 4 (purple). This remains valid as long as price stays below the 144 ema and Wizz 6 level. A break above it invalidates (red x) the bearish outlook. 

A bearish pullback and breakout could confirm (green check) the continuation towards the Wizz 8 target and 1.20 round level. This support zone could in turn create a large bullish bounce (green arrow).

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea