Elliott waves analysis – We’re short towards 1.29765.

GBPUSD – Flat

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (c) extended slightly to the lower side and is still pretty much bearish both on the daily and the weekly. Today and in the next few days, we expect a possible extension of the impulsive wave (c) to the lower side but should not go beyond the end of the corrective wave (4), 1.29765. If this target is broken, then the price will likely continue to the lower side with the next ideal target being 1.20270. This view can only be rendered futile in case the price breaks above 1.35899, this being the case, we’ll expect a rally to the upper side.

Trade Recommendations:

We’re short towards 1.29765.

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