Elliott waves analysis – We’re short towards 1.3352

GBPUSD – Flat

We're short towards 1.3352

Wave Analysis

During the previous trading day, the impulsive wave c extended slightly to the lower side and is still pretty much bearish on both the higher and lower time frames. Today and may be in the next few days, we expect the impulsive wave c to extend significantly to the lower side and should break below 1.3352. If this should be the case, then we expect a steep decline towards 1.2697 or even lower. Only a bounce from 1.3352 may alter this move, and could mean we’re heading to the upper side with our take profit at 1.3660.

Trade Recommendations:

We’re short towards 1.3352

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