Elliott waves analysis – Wait for slight pullbacks

GBPUSD – Flat

Wait for slight pullbacks

Wave Analysis

During the previous trading day, the impulsive wave (a) extended slightly to the lowerside but is still several pips above the daily support 1.38337. Although we expect further bearish momentum, we’re waiting for pullbacks to the upper side, the corrective wave (b) to end around 1.3988, to short the impulsive wave (c) towards 1.38337, if this target is taken out, then the price will likely continue to rally to the lowerside with our next target being 1.36007. In case of a break below the last target, then this will be a good place to pick a long term short position towards 1.32365.

Trade Recommendations:

Wait for slight pullbacks then pick a short position towards 1.38337

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