Elliott waves analysis – We’re short towards 1.30380.

During the previous trading day, the cable traded intensely to the loweside and even went below the level 1.31392. As long as the price remains below this level, we expect further momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should break below 1.30380, if this is the case, then further momentum to the lowerside is expected. According to the hourly chart above, only a sell position can be adviced but should the price break above 1.31392, then we may consider a long position.

We’re short towards 1.30380.