Elliott waves analysis – Place a pending sell limit order at 1.2706 with your take profit at 1.2476.

GBPUSD – Flat

Place a pending sell limit order at 1.2706 with your take profit at 1.2476.

Wave Analysis

After a slight decline in value, the cable is currently in a correction mode. Just as we mentioned in the previous day’s forecasts, as long as the price remains below the level 1.2706, we expect a possible steep decline towards 1.2476. The idea here is that, if you didn’t pick a sell position previously, you could place a pending sell limit order at 1.2706, with your stop loss above 1.2735 and take profit at 1.2476. According to the current chart set up and structure, only sell positions looks more ideal and can be recommended.

Trade Recommendations:

Place a pending sell limit order at 1.2706 with your take profit at 1.2476.

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