Elliott waves analysis – We’re looking for long positions

GBPUSD – Flat

We're looking for long positions

Wave Analysis

Even after the two weekly pin bars, the cable is still not showing any signs of rallying to the upperside. Rather, it lost value considerably but is still above the weekly support level 1.31896. As long as the price remains above this level, we expect a possible momentum to the upperside. Ideally, we expect the rebound from this support to have marked an end to the corrective three wave cycle, that any clear move to the upperside will be the unfolding of another impulsive wave to the upperside with an ideal target at 1.42905.

Trade Recommendations:

We’re looking for long position towards 1.42905.

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We're looking for long positions

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You may check other analytical reviews on FreshForex website. Source: freshforex.com.

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