Elliott waves analysis – Only buy the cable above 1.3296

GBPUSD – Flat

Only buy the cable above 1.3296

Wave Analysis

The cable pulled back upwards but is still below the weekly Resistance level 1.3296. This pair is still very bullish but unless the price can get back above 1.3296, I choose to remain flat. Our expectations is that the price should break above 1.3296, then a correction to the just broken level to pick a long term long position with an ultimate target at 1.4205. But as long as the price remains below 1.3296, we expect the impulsive wave (c) to extend further to the lower side and may break below 1.2725 towards 1.1960 or even lower.

Trade Recommendations:

Only buy the cable above 1.3296

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