Elliott waves analysis – Sell the cable now

GBPUSD – Flat

Sell the cable now

Wave Analysis

The cable continues to make lower lows after hitting the high of 1.2990. We expect the bounce from this level to have marked an end to the previous impulsive five wave cycle, that the current bearish price rally is the continuation of the corrective three wave cycle and could see the price break below 1.27450 or even lower. As long as the price is contained below the previous week’s highest high, we expect nothing but a possible momentum to the lower side, the idea is to loopk for low risk sell orders.

Trade Recommendations:

Sell the cable now

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