Elliott waves analysis – As long as the price remains above 1.3025, we’re looking for a long etrm buy towards 1.31915.

GBPUSD – Flat

As long as the price remains above 1.3025, we're looking for a long etrm buy towards 1.31915.

Wave Analysis

Nothing much has channel on this pair since the previous day’s forecast. Currently, the cable is establishing a support around 1.30250, and while the price is above this level, we expect a possible move to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should break above this week’s highest high towards the weekly resistance level 1.31915. And on the flip side, should the price close below 1.3025, then we’ll consider a sell order towards 1.28718.

Trade Recommendations:

As long as the price remains above 1.3025, we’re looking for a long term buy towards 1.31915.

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