Elliott waves analysis – As long as the price remains below 1.32965, we expect further rally to the lower side.

GBPUSD – Flat

As long as the price remains below 1.32965, we expect further rally to the lower side.

Wave Analysis:

During the previous trading week, the cable declined intensely but ended up closing just a few pips below its opening price. The previous week’s candle was a perfect bullish pin bar candle just that it closed below a key weekly level 1.32965. We’re waiting for a clear breakout above 1.32965 to confirm a possible rally to the upper side. But should the price continue to remain below 1.32965, then we will expect further rally to the lower side with the next ideal target at 1.27253. The anticipated bearish price rally will be the continuation of the impulsive wave (c) and should break below 1.30755 before a move further to the lower side is seen.

Trade Recommendations:

As long as the price remains below 1.32965, we expect further rally to the lower side.

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