Elliott waves analysis – Look for a sell orders towards 1.27143.

GBPUSD – Flat

Wave Analysis

Yesterday, the cable declined steeply and is now below the level 1.31307. A descend below 1.31307 is a sign of an increase in the sellers, thus, while the price is below this level, we expect a possible correction to the just broken level to pick further sell orders towards 1.27142. A break above 1.31789, will mean waiting for a clear confirmation that we’re upwards towards 1.41. This notwithstanding, as long as the price remains below the zone 1.31789-1.31307, we’re sellers, we’re waiting for corrections to pick for long term sell positions.

Trade Recommendations:

Look for a sell orders towards 1.27143.

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