Elliott waves analysis – Stil short towards 1.33051

GBPUSD – Flat

Stil short towards 1.33051

Wave Analysis

For almost three weeks now, the cable bounced off from the weekly resistance zone 1.42311, since then, this pair has been in constant downtrend and even went below the short support level 1.37050, we expect this downward rally to have been the continuation of the impulsive wave a to the lower side, that if you didn’t go short based on the previous forecasts, you could wait for the corrective wave b to correct itself slightly towards 1.35912 to sell the last impulsive wave c with an ultimate target at 1.33051.

Trade Recommendations:

Still short towards 1.33051

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