Elliott waves analysis – GBPUSD. We’re looking for a sell from around 1.24280.

GBPUSD – Flat

Wave Analysis

During the previous trading, the impulsive wave (iii) stretched massively to the lowerside and is still pretty much bearish both on the daily and the weekly charts. We expect the current bullish price rally to be the continuation of the corrective wave (iv) to the upperside but should not go beyond 1.24672 to pick a low risk sell order. Only a breakout above 1.24672 will call for a long term buy order towards 1.25190. As it is, the idea if to wait for further retracements to the upperside to sell the last impulsive wave (v) towards 1.23780.

Trade Recommendations:

We’re looking for a sell from around 1.24280.

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