Elliott waves analysis – Sell the cable with your take profit at 1.26600.

GBPUSD – Flat

Sell the cable with your take profit at 1.26600.

Wave Analysis

Just as in euro, the cable continued significantly to the lower side and is still pretty bearish both on the daily and on the weekly charts. Following the correction below 1.28640, we expect further momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should breakout below 1.26600 towards 1.23880 or even lower. This view can only be invalidated in case the price breaks above the previous week’s highest high. If this is the case, then further momentum to the upper side is expected.

Trade Recommendations:

Sell the cable with your take profit at 1.26600.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.