Elliott waves analysis – The cable should pullback anytime from now

GBPUSD – Flat

The cable should pullback anytime from now

Wave Analysis

After an unprecedented decline in value from Wednesday last week, the cable is still pretty much bearish and chances of continuing further to the lower side are very high, thus, as long as the price remains below the weekly resistance level 1.42881, we expect a possible momentum to the lower side. In the meantime, we choose to remain flat and wait for sign that the first impulsive wave (a) is over, then we’ll wait for the corrective wave (b) to unfold, then we’ll short the last impulsive wave (c) with an ultimate target at 1.360007.

Trade Recommendations:

If you’re not short already, you could wait for slight pullback to the upperside, then sell the impulsive wave (c) with your take profit at 1.36007

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.