Elliott waves analysis – Wait for pullbacks

GBPUSD – Flat

Wait for pullbacks

Wave Analysis

After rallying higher during the previous trading day but ended up closing as a potential bearish pin bar. We still expect further momentum to the upper side based on the previous week’s candle, that is the price should rise higher towards 1.42460 or even higher. This upward rally should be impulsive in nature, and should first break above 1.38200 before a move even higher is seen. This view may only be invalidated in case the price breaks below 1.32991, if this is the case, then we’ll wait for a pullback to the just broken level to pick a short position with our target at 1.21712.

Trade Recommendations.

We’re long with an ultimate target at 1.42460.

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