Elliott waves analysis – Buy the cable now

GBPUSD – Flat

Wave Analysis

The previous day’s candle is a perfect engulfing bullish pin bar candle. And since a fortnight ago, the weekly candle was a perfect bullish pin bar candle, we expect a possible momentum to the upper side. Ideally, we expect the rebound from 1.32991 to have marked the end of the impulsive wave (c), that the current upward rally is the unfolding of an impulsive five wave cycle and should first breakout above 1.36220 before a move to the upper side is seen. This view can only be invalidated in case the price breaks below 1.32991.

Trade Recommendations:

Buy the cable now towards 1.42460.

101% Double the volume

You may check other analytical reviews on FreshForex website. Source: freshforex.com.