Pound (Forex GBPUSD): Patiently Waiting On Bearish Reversal – Elliott Wave Forecast

On GBPUSD we are tracking a corrective rally from March low, which is a complex pattern most likely a flat in wave II. And it seems that pair could reach levels above 1.5750 this week after recent bounce from the lower side of a current upward channel. However, this new high will be just a final leg, fifth wave within wave (C), so larger bearish trend remains in view but market just needs more time than firstly thought.

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Financial Markets Review by Lloyds TSB

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The pound was buoyed by data this week suggesting the UK could emerge from recession as early as the current quarter. This saw £/$ briefly rally though 1.66

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The pound was under selling pressure this week, weighed down by record borrowing figures in the UK Budget and the sharpest fall in quarterly economic growth since 1979. The