Elliott waves analysis – Sell The cable now, and have your stoploss above last week’s highest high, and take profit at 1.2156.

GBPUSD – Flat

Sell The cable now, and have your stoploss above last week's highest high, and take profit at 1.2156.

Wave Analysis

For the entire 2017, the cable corrected itself to the upperside and even extended this correction earlier last year. This correction was followed by a bug plunge and the cable is currently trading around 1.27. The level 1.2724 is a key weekly level and as long as it keeps price from stretching upwards, we expect a possible bearish surge towards 1.2156. The anticipated bearish price rally is merely the continuation of the last impulsive wave c to the lowerside and should first break below 1.2405 before a move further to the lowerside is seen towards 1.2156.

Trade Recommendations:

Sell The cable now, and have your stoploss above last week’s highest high, and take profit at 1.2156.

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