Elliott waves analysis – Buy the cable with your take profit at 1.30030.

GBPUSD – Flat

Buy the cable with your take profit at 1.30030.

Wave Analysis

On the 4 hours chart attached, the cable is headed to the upper side, we expect the bounce from 1.2800 to have marked an end to the corrective three wave cycle that the current bullish price rally is the continuation of the impulsive five wave cycle and should break above the recent highest high 1.30030 towards 1.3124 or even higher. This view is valid as long as the price is contained above 1.28000, if this level is broken, then a momentum towards 1.25630 or even lower is expected.

Trade Recommendations:

Buy the cable with your take profit at 1.30030.

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