Elliott waves analysis – Wait for a correction to the upperside

GBPUSD – Flat

Wait for a correction to the upperside

Wave Analysis

Yesterday, the cable shaded almost 95% the value it gained last week and is now below the weekly resistance level 1.42881. As long as the price remains below this level, we expect a possible rally to the lower side. We expect the previous drop in price to have been the unfolding of a corrective three wave cycle and should not go below 1.36002. If you’re a bit skeptic to short this pair now, you could wait for the corrective wave (b) to end around 1.42650 to short the impulsive wave (c) to the lower side with the target being 1.36002.

Trade Recommendation:

Wait for a correction to the upperside then short the implsive wave (c) towards 1.36002

FreshForex cancels commissions!

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