Elliott waves analysis – Look for a buy position towards 1.3132.

GBPUSD – Flat

Look for a buy position towards 1.3132.

Wave Analysis

Perfectly as previously forecasted, the previous day’s candle rose tremendous;y and is still pretty much bullish both on the daily and weekly charts. As we mentioned previously, while the price remains above the level 1.2732, and also above the immediate trendline, we expect a possible rise towards the level 1.3132. The idea is to wait for a possible correction to pick a low risk buy order towards 1.3132. As it is, only buy positions looks ideal and can be recommended. Sell positions looks a but risky and cannot be recommended.

Trade Recommendations:

Look for a buy position towards 1.3132.

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