Elliott waves analysis – Short the cable below 1.3305

GBPUSD – Flat

Short the cable below 1.3305

Wave Analysis

Perfectly as indicated in our previous analysis, the cable went further to the lower side and is currently around a key daily support line 1.3352. We’re waiting for a break below this level to confirm a possible rally to the lower side with our next take profit at 1.2697. The anticipated bearish price rally will be the continuation of the current corrective three wave cycle and should first break below 1.3055 before we can pick a sell position towards 1.2697. On the daily, we can only recommended either staying flat or looking for short positions.

Trade Recommendations:

Short the cable below 1.3305 towards 1.2697.

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