Elliott waves analysis – Only sell the cable below 1.30705

GBPUSD – Flat

Wave Analysis

Just as in euro, instead of rallying to the upperside, the cable traded significantly to the lowerside but is currently approaching a key weekly support level 1.30705. As long as this level shields the lowerside, we expect a possible rebound from this level to pick a long term long position with an ultimate target at 1.42905. The anticipated bullish price rally is the unfolding of an impulsive wave count and should break above 1.33770. And should price break below 1.30705, then a rally further to the lowerside is expected.

Trade Recommendations:

Only sell the cable below 1.30705

101% Double the volume

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