Elliott waves analysis – Conservative traders should wait and buy a bounce from1.27355.

GBPUSD – Flat

Conservative traders should wait and buy a bounce from1.27355.

Wave Analysis

The cable continues to edge even lower, this is perfectly in line with what we forecasted during the previous trading. We still have our pending buy limit order fixed around 1.27355 and stop loss below 1.23200 and take profit at 1.42399. According to the current chart set up and structure, only buy positions looks more ideal, but in case the current month’s candle close below 1.27355, then that will be a confirmation that we’re continuing to the lowerside with an ultimate target at 1.18. As it is, we recommend looking for short orders but only up to 1.27355.

Trade Recommendations:

Conservative traders should wait and buy a bounce from 1.27355.

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