Elliott waves analysis – Wait for a slight pullback to the upperside

GBPUSD – Flat

Wait for a slight pullback to the upperside

Wave Analysis

Despite the previous forecast that this pair could pullback slightly to the upper side, the first impulsive wave (a) extended significantly to the lower side and is still pretty much bearish both on the 4 hours and the daily charts. Today and in the next few days, we expect a possible extension of the impulsive wave (a) to the lower side, then a slight pullback to the upper side, then we’ll sell the last impulsive wave (c) with an ultimate target at 1.36002. If the price can descend below 1.36002, then we’ll expect further momentum to the lower side.

Trade Recommendation:

Wait for a slight pullback to the upperside to pick a short position towards 1.36002

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