Elliott waves analysis – Bulls are in control

GBPUSD – Flat

Wave Analysis

Perfectly as forecasted, the cable rallied steeply to the upperside and is now above the weekly resistance level 1.31820. This is a key weekly level and if the current week’s candle can close above 1.31820, then this will be an ideal place to look for but orders. The idea here is to wait for a possible retracement back to 1.31820 to pick a low risk buy order towards 1.45206. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should first break above 1.38150, before a move even higher to 1.45206 is seen.

Trade Recommendations:

As long as the price remains above 1.31820, we’re looking for a long term buy order towards 1.45206.

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