Elliott waves analysis – Expect further bearish rally

GBPUSD – Flat

Expect further bearish rally

Wave Analysis:

From an longer point of view, a key daily support can be seen at 1.3612. As long as the price is contained above it, we expect further movements to the upper side. However, as at now, we’re waiting for a corrective rally towards 1.3612 to pick a long position with an ultimate target at 1.4825. This bullish view will only be invalidated in case the price break below 1.3612, this being the case, we expect further decline towards 1.3135 or even lower. This pair should be traded alongside GBPHKD, GBPCHF, GBPAUD and GBPNZD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.

Trade Recommendations:

Expect further bearish rally towards 1.3612 or even lower

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