The smallest time-frames are usually observed by daytraders. If you are one of them, this article may be helpful.
The GBPUSD rate managed to climb to above 1.6520 last week, but then reversed to the downside and found support at 1.6282. The subject of the analysis is the wave structure of this decline.
The 5-minute chart of the British Pound against the US dollar shows a sell-off in five waves, followed by a three-wave corrective rally. According to the Elliott Wave Principle, we should expect more weakness, since the five-wave sequence suggests for a downtrend.
