Elliott waves analysis – GBPUSD. As long as the price remains above the upper trendline, look for buy orders.

GBPUSD – Flat

Wave Analysis

Earlier today, the cable brokeout above the converging wedge formation and is still pretty much above the upper trendline. As long as the price remains above this trendline, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of the corrective three wave cycle and should breakout above the end of the first impulsive wave (a) and may head straight towards 1.22300, this view can only be invalidated in case the price breaks below the supportive trendline.

Trade Recommendations:

As long as the price remains above the upper trendline, look for buy orders.

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