Elliott waves analysis – Look for a sell position now towards 1.2156.

GBPUSD – Flat

Sell The cable now, and have your stoploss above last week's highest high, and take profit at 1.2156.

Wave Analysis

The cable is currently trading around 1.2724. Perfectly as we mentioned in our previous forecasts, as long as the weekly chart does not close beyond 1.2724, we expect a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave c to the lowerside and should break below the recent lowest low 1.2405, towards 1.2156. The idea here is to look for a low risk sell position now, have your stoploss above last week’s highest high, and take profit at 1.2156. A close above 1.2724 may invalidate the anticipated move to the lowerside.

Trade Recommendations:

Look for a sell position now towards 1.2156.

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