Elliott waves analysis – As long as the price remains below 1.33516, expect a possible rally towards 1.26974

GBPUSD – Flat

As long as the price remains below 1.33516, expect a possible rally towards 1.26974

Wave Analysis

During the previous week, the cable could not sustain the break above 1.33516, instead, the pair merely rallied above this line before heading to the lowerside. Now that the price is below this line, we expect a possible rally to the lowerside. That is as long as the price remains below 1.33516, we expect the impulsive wave c continue rallying to the lowerside but should not go beyond the next key level 1.26974. If this target is broken, then the price will likely continue further with the next ideal target being 1.21477.

Trade Recommendation:

As long as the price remains below 1.33516, expect a possible rally towards 1.26974.

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