GBP/USD Analysis by Goldman Sachs: "The level to watch is 1.3526-1.3549"

Against the background of Brexit's entire madhouse, GS is involved with technical analysis. The waves of Elliot, which are not necessarily my cup of tea but still for those who use them:

Like most major pairs, GBP/USD has been undergoing correction since August.

"There is no evidence of impulse movement at the moment. The next level we need to focus on is 1.3526-1.3549; the area includes two separate ABC goals from January and February. The level appears to be relevant for searching for a tip / point of reversal. Trust at the top will then be rolled back under the upward trend since January, which is currently around 1.30. It is good to note that this trendline was particularly successful in March, and this is considered important.

- In short, everything close to 1.3526-1.3549 may still be considered a counter-trend. The price has to rise above these levels to be able to expect a significant increase.

Vision: Tactical uptrend targeting 1.3529-1.3549. Take profits and watch for a top. A stronger rise is needed to be able to talk about secure support.

Read more:

• NZD/JPY – Short with the main movement after a price action signal
• Jeffrey Gundlach: “USD’s next move is going to be down”
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• NZD to 0.59 at end of Q1 2020
• Support for risky currencies as trade war hopes grow