Elliott waves analysis – Buy the cable with your take profit at 1.3185.

GBPUSD – Flat

Waiting for a low risk buy opportunity.

Wave Analysis

Just as in Euro, the cable rose massively after hitting the lows of 1.128454. We expect the bounce from this level to have marked an end to the corrective wave (iv), that the current bullish price rally is the continuation of the impulsive wave (v) and could breakout above 1.30185 towards 1.3151 or even higher. As with euro, the anticipated bullish price rally can only be invalidated in case the price breaks below 1.28455, if this is the case, then we’ll expect a possible continuation of the corrective wave (iv) towards 1.27560.

Trade Recommendations:

Buy the cable with your take profit at 1.3185.

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