The forecasted target was reached on the European session. The forecast didn’t coincide with the actual price movement along the wave structure. The pound/dollar dropped to 1.4993. Due to a fall in the euro/pound, the pound/dollar rebounded from a 1.4993 session minimum.

The pound renewed by one figure to 1.5097 as part of a correction. The price dug its heels into the resistance which had formed from the 1.5135 and 1.5126 peaks. Taking the state of the hourly indicators and Carney’s speech into account, I expect to see the GBP/USD recoil by 45 degrees to 1.5035.

Source: alpari.com, “Pound/Dollar: Expected Return to LB”