Elliott waves analysis – 1.3612 is a buyer territory

GBPUSD – Flat

1.3612 is a buyer territory

Wave Analysis:

Yesterday, The cable plunged lower than anticipated and is still pretty much bearish on the daily and the weekly charts. We expect further decline to our buyers territory seen at 1.3612. This is a key support both on the weekly and the daily charts, thus, as long as it is not breached massively to the lower side, this is a potential buy place. If this buy zone is broken, then a decline towards 1.3135 is expected. According to the daily chart above, its good to remain short but have your target at 1.3612.. This pair should be traded alongside GBPHKD, GBPCHF, GBPNZD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Remain short with your target at 1.3612

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