Elliott waves analysis – Rebuy the cable from 1.2750-1.2693 towards 1.3137.

GBPUSD – Flat

Rebuy the cable from 1.2750-1.2693 towards 1.3137.

Wave Analysis

During the previous trading week, the cable rose tremendously, but has now pulled back to the lowerside. We expect the decline seen on Friday to be a mere correction and should not go beyond the zone 1.2750-1.2690. As long as this zone protects the lowerside, we’re waiting for a clear bounce from the same zone to pick a long position towards 1.3137. This view can only be invalidated in case the price breaks below 1.2690, if this is the case, then we’ll expect further momentum to the lowerside towards 1.2470 and may break lower towards 1.203.

Trade Recommendations:

Rebuy the cable from 1.2750-1.2693 towards 1.3137.

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