Elliott waves analysis – Remain short with your take profit at 1.2708.

GBPUSD – Flat

Remain short with your take profit at 1.2708.

Wave Analysis

Perfectly as previously forecasted, the cable bounced from the zone 1.2593-1.2700, declined steeply and even went below the supportive trendline. As long as the price remains below this trendline and also below the weekly level 1.2709, we expect nothing but a steep decline with an ideal target around 1.2490. If you’re looking at this chart at the moment, you should already be in a sell position, or you should place a pending sell limit order at 1.2708, and have your take profit at 1.2490, if this target is broken, then further bearish momentum is expected.

Trade Recommendations:

Remain short with your take profit at 1.2708.

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