Elliott waves analysis – Expect a spike even higher

GBPUSD – Flat

Expect a spike even higher

Wave Analysis

Perfectly as previously forecasted, the cable spiked to the upperside and is still pretty much bullish both on the daily and the weekly charts. Following the previous day’s spike to the upper side, this pair is still very bullish. However, instead of looking for a buy order now, conservative traders should wait for a possible retracement back to 1.29765 to pick a low risk buy order with an ideal target at 1.3215. This pair is still very bullish even on the monthly chart and therefore, chances of continuing even higher are very higher.

Trade Recommendations:

Wait for a retracement to pick a buy order.

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