Elliott waves analysis – Wait for a slight pullback towards 1.42881

GBPUSD – Flat

Wave Analysis

During the previous trading day, instead of heading to the upper side, the cable crashed below 1.42881 and is still pretty much below this level. As long as the price is below 1.42881, we expect a possible momentum to the lower side, the anticipated bearish price rally is the unfolding of a corrective three wave cycle to the lower side and should not go beyond the end of the impulsive wave (3) 1.3545. If this target is broken, then the price may head further to the lower side with the next ideal target being 1.30000.

Trade Recommendations:

Wait for a slight pullback towards 1.42881 to sell this pair towards 1.3545

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