Elliott waves analysis – Sellers are eyeing a break below break below 1.3510.

GBPUSD – Flat

Sellers are eyeing a break below break below 1.3510.

Wave Analysis:

During the previous trading day, the cable opened at 1.3541 , went as high as 1.3607 and low as 1.3538 but ended up closing at 1.3552, just a few pips above its opening price. The fact that the previous day’s candle closed above it’s opening price is a possible indication that the buyers are still in this market, thus, instead of going short immediately, we’re waiting for a clear sign that the sellers are in control. A break below 1.3510 will be a possible indication that the price will continue to the lower side with our target at 1.33051.

Trade Recommendations:

Expect sellers to dominate this target in case the price breaks below 1.3510.

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