Elliott waves analysis – Look for a short position towards 1.33051

GBPUSD – Flat

Look for a short position towards 1.33051

Wave Analysis

After an attempt to rise above 1.35210, the cable declined significantly and is still pretty much bearish. We expect the rebound from 1.3619 to have marked the end of the corrective b that the downward rally that followed is the unfolding of the impulsive wave c, towards 1.33051, if this target is broken, then the price will likely to continue to the lower side with the next ideal target being 1.26974. This view can only be invalidated in case the price breaks above 1.35, this being the case, we’ll expect a rise towards 1.381.

Trade Recommendations

Look for a short position towards 1.33051

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