Elliott waves analysis – Expect a possible decline towards 1.2665

GBPUSD – Flat

Wave Analysis

Ealier this week, The cable opened slightly below last week’s closing price, we expect a possible rally towards the weekly resistance level 1.3306 but as it seems, the cable could crush before towards the weekly support level 1.2415 before going to back upwards. But should the price breakout below, then this will mark a continuation of the impulsive wave (c) to the lowerside but should not go beyond 1.2171. You can still look for short positions now, but have your take first take profit at 1.2665 and the next at 1.2171.

Trade Recommendations:

Expect a possible decline towards 1.2665

101% Double the volume

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