Elliott waves analysis – In a corrective mode

GBPUSD – Flat

Wave Analysis

The cable is currently correcting itself to the lower side but is still above the daily support level 1.32991. As long as the price remains above this level, we expect a possible rally to the upper side. At the moment, we expect a perfect correction towards this support to pick a low risk buy position. The anticipated bullish price rally should be the unfolding of an impulsive five wave cycle but should not go beyond 1.42460. while in this upward position, you could take your profits around 1.38200 and 1.42460.

Trade Recommendations:

Buy the cable upon a rebound from 1.32991

101% Double the volume

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