Elliott waves analysis – Expect further bearish rally towards 1.36007

GBPUSD – Flat

Expect further bearish rally towards 1.36007

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (a) extended significantly to the lower side but is still several pips above 1.38337. We’re waiting for this first impulsive wave to end, then, the corrective wave (b) before we sell the impulsive wave (c) with our target at 1.38337. If this target is broken, then we expect further bearish momentum towards 1.36007 or even lower. This view can only be invalidated in case the price rebounds from 1.38337 or even 1.36007, in either case, we’ll be looking for long positions.

Trade Recommendations

Expect further bearish rally towards 1.36007

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