Elliott waves analysis – Short towards 1.3352.

GBPUSD – Flat

Short towards 1.3352.

Wave Analysis

During the previous trading day, the impulsive wave c extended slightly to the lower side but is still pretty much bearish both in the lower and the higher time frames. Today and in the next few days, we expect a possible rally towards 1.3352 and may break below towards 1.2697. This view can only be rendered futile in case the price rebounds from 1.3352, this being the case, we’ll expect a rally to the upper side. However a break below 1.3352 will mean we’re continuing short with the impulsive wave c to the lower side and may extend below 1.2697.

Trade Recommendations:

Short towards 1.3352.

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