Elliott waves analysis – We’re short

GBPUSD – Flat

We're short

Wave Analysis

After a consolidating around 1.35, the cable has now embarked on a bearish rally. As long as the price does not go above 1.3594, we expect a possible rally to the lower side and should go beyond the daily support level 1.3352. The anticipated bearish price rally is the continuation of the impulsive wave c to the lower side and may break beyond 1.3352 with our next target at 1.2697. This view can only be invalidated in case the price breaks above 1.3594, this being the case,. we’ll expect a possible momentum towards 1.4231.

Trade Recommendations:

We’re short towards 1.3352.

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