Elliott waves analysis – sell the cable below 1.33058

GBPUSD – Flat

Wave Analysis

Last week, GBPUSD went intensely to the lower side and even went below the weekly support line 1.33058. As long as the price remains below this level, we expect a possible momentum to the lower side. Ideally, we’re waiting for a pullback to the just broken level to pick a long term short position with an ultimate target at 1.21712. The anticipated bearish price rally will be the continuation of the impulsive wave (c) and should first break below 1.28900 before a move further towards 1.24000 or even lower is seen.

Trade Recommendation:

sell the cable below 1.33058

101% Double the volume

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