Elliott waves analysis – Sell positions are only recommended below 1.26941.

GBPUSD – Flat

Sell positions are only recommended below 1.26941.

Wave Analysis

After hitting our take profit set at 1.26941, the cable is now retreating to the upperside. As long as the price remains above 1.26941, we expect a possible momentum to the upperside. However, should the price break below 1.26941, then this will be a good place to look for a long term short position. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should not go beyond 1.21331. If this target is broken, then further bearish momentum is expected with an ultimate target at 1.143.

Trade Recommendations:

Sell positions are only recommended below 1.26941.

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