Elliott waves analysis – A good demand level is around 1.27296

GBPUSD – Flat

Wave Analysis

After the break above the upper trendline, we expect the bounce from 1.27855 to have marked an end to the last impulsive five wave cycle, that the current rally to the upperside is the continuation of a corrective three wave cycle and should extend even higher. As it is, we expect the immediate corrective wave (b) to continue to the lowerside towards 1.28718, where we’ll be looking to buy the last impulsive wave (c) towards 1.29525. Even with a close below 1.28718, we’ll still be reluctant to look for sell orders.

Trade Recommendation:

Waiting to buy the cable around 1.28718.

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