Elliott waves analysis – Resell the cable around 1.27565.

GBPUSD – Flat

Resell the cable around 1.27565.

Wave Analysis

The cable is currently trading around 1.26667. This pair continues to pullback to the upperside despite the previous forecast that it could plunge towards 1.21804. We expect the current bullish price rally to be the continuation of a corrective wave count to the upperside and should not go beyond 1.27565, where we’ll be looking for along term sell order at the lowest risk possible. The idea here is to have a pending sell limit order fixed around 1.27565 with an ideal target at 1.21804.

Trade Recommendations:

Resell the cable around 1.27565.

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