Elliott waves analysis – You may sell the cable upon a clear breakout below last week’s lowest low

GBPUSD – Flat

You may sell the cable upon a clear breakout below last week's lowest low

Wave Analysis

Even despite the previous week’s bullish pin bar candle, the cable is still declining. We’re waiting to check for a potential buy position around the previous week’s lowest low 1.30755, and should the price break below it, then we’re continuing short with the impulsive wave (c) and may breakout below 1.2953. If this is the case, them we expect a potential rally towards 1.27252. The anticipated bearish price rally is the continuation of the impulsive wave (c) and may breakout below 1.27252 ultimately.

Trade Recommendation.

You may sell the cable upon a clear breakout below last week’s lowest low

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