Elliott Wave Analysis: GBPUSD Looking To Aim Lower

It appears that flows have changed over the last 24-48 hours, since stocks found a support on Monday with E-mini S&P500 turning nicely up from 2320 area. This has a strong impact on some majors, especially on EUR and GBP against the buck after Theresa May signed Article 50 letter to leave Europe and start with negotiations in the following months. Long-term speaking I think that this can be better news for GBP rather than EUR, but in the short-term both can see lower levels which can also be visible on EUR and GBP crosses.

Pound is falling sharply from 1.2615; it has impulsive qualities so more weakness may be seen in sessions ahead. We see near-term resistance for EU session lying at 1.2472.