Elliott waves analysis – Sell the cable around 1.33058

GBPUSD – Flat

Sell the cable around 1.33058

Wave Analysis

During the previous trading day, the impulsive wave (c) stretched slightly to the lowerside and is still pretty much bearish. Today and in the next few days, we expect the impulsive wave (c) to stretch further to the lowerside but should not go beyond the weekly support level 1.21712. If you’re not short already, you could wait for a slight correction to the upperside but should not go beyond 1.33058 to pick a short position with an ultimate target at 1.21732. But should the price break above 1.33058, then this will be a good buy place.

Trade Recommendation.

Sell the cable around 1.33058

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