Elliott waves analysis – Buy the cable around 1.3516 towards 1.42311.

GBPUSD – Flat

Buy the cable around 1.3516 towards 1.42311.

Wave Analysis

After an attempt break below 1.33516-1.33091, the cable pulled back above and is now above the same zone, as long as the price remains above this zone, we expect a possible momentum to the upper side. The anticipated bullish price rally in the unfolding of an impulsive five wave cycle and should break above 1.3799, but should not go beyond 1.42311. This view can only be invalidated in case the price breaks below 1.33091, this being the case, we’ll expect a possible stretch of the impulsive wave c towards 1.26974 or even lower.

Trade Recommendations:

Buy the cable around 1.3516 towards 1.42311.

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