Elliott waves analysis – Buyers in Control

GBPUSD – Flat

Buyers in Control

Wave Analysis

After the bullish flag formation seen few days ago, the cable continued to the upperside and is still pretty much bullish both on the daily and the weekly charts. Following the break above 1.30869, we expect further momentum to the upper side, as long as the price remains above 1.30869, we expect the impulsive wave (5) to continue even higher with the next ideal target being 1.31968. According to the 4 hour chart attached, a rebuy from 1.30869 looks more ideal and can be recommended towards 1.3196.

Trade Recommendations:

Rebuy the cable around 1.30869 towards 1.31968.

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