Elliott waves analysis – Wait for a sell around 1.37050

GBPUSD – Flat

Wave Analysis

During the previous trading day, the candle corrected itself slightly to the upper side but is still pretty much below 1.35912, during this intraday, we expect further extension of the corrective wave b to the upper side but should not go beyond the level 1.37050 where we’ll be looking to sell the impulsive wave c with our first target at 1.34575 and the next at 1.33091. If this target is broken, then the price will likely continue to the lower side with our next target being 1.26924, if you’re not short already, wait for this pullback.

Trade Recommendation:

Wait for a sell around 1.37050 towards 1.33051

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