Elliott waves analysis – Wait for a bullish pullback

GBPUSD – Flat

Wave Analysis

So far, no clear pullback towards 1.35912 has been seen, the cable is still a couple of pips below 1.35912 but should rise towards it before a clear move to the lower side is seen. We expect last week’s weekly close, to have marked the end of the first impulsive wave a, that any move to the upper side will be the unfolding of the corrective wave b to the upper side and should not go beyond the level 1.37050 where we’ll be looking to sell the last impulsive wave c with the first target at 1.35912 and the next target at 1.33091.

Trade Recommendations:

Wait for an upward correction

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