Elliott waves analysis – Remain short towards 1.3600

GBPUSD – Flat

Wave Analysis

Despite the previous week’s forecast that the corrective wave (b) could stretch massively to the upper side before a move is seen to the lower side, the price barely corrected itself to the upper side and failed to go above 1.4065, we expect this level to have marked the end of this correction, that the massive downward rally that was seen since Thursday last week, is the continuation of the impulsive wave (c) to the lower side but should not go beyond the daily support level 1.36000, if this support is broken, then the price will continue further downwards towards 1.33060.

Trade Recommendation:

Remain short towards 1.3600

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