Elliott waves analysis – Wait for minor corrections

GBPUSD – Flat

Wait for minor corrections

Wave Analysis

After an unprecedented drop in price last week, the cable is slowly gaining value but is still very bearish on the weekly charts. We expect the upward rally that was seen yesterday to have been an onset to the corrective wave (c), that any clear halt will mark an end to this correction, today and possible tomorrow, we still expect further correction to the upper side towards 1.41880 where we’ll be looking to sell the impulsive wave (c) with an ultimate target at 1.38337. If you’re not already in a short position, you could wait for minor corrections to the upper side, then pick a short position towards 1.38332.

Trade Recommendations:

Wait for minor corrections to pick short positions towards 1.38337

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