Elliott waves analysis – Resell the cable around 1.35912

GBPUSD – Flat

Wave Analysis

Since breaking below 1.35912, the cable is yet to make any clear move to the lower side, instead, the cable is still consolidating below this level and is yet to give any clear direction, we expect halt around 1.3496 to have marked the end of the first impulsive wave a, that the current consolidation below 1.35912 is the unfolding of the corrective wave b and should not go beyond the level 1.35912 where we’ll be looking to sell the last impulsive wave c with our first target at 1.33051 and the next target at 1.26974.

Trade Recommendations:

Resell the cable around 1.35912 towards 1.33051.

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