Elliott waves analysis – Look for a low risk buy position towards 1.50075.

GBPUSD – Flat

Look for a low risk buy position towards 1.50075.

Wave Analysis

After breaking above the daily resistance level 1.42881, the cable pulled back to the same level but could not extend below it. As long as the price remains above 1.42881, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above 1.50075. This view can only be invalidated in case the price breaks again below 1.42881. This being the case, we’ll expect further bearish momentum with our target being 1.35445.

Trade Recommendations:

Look for a low risk buy position towards 1.50075.

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