Elliott waves analysis – The cable approaching a monthly support set at 1.27355.

GBPUSD – Flat

Conservative traders should wait and buy a bounce from1.27355.

Wave Analysis

During the previous trading day, the cable made a fresh weekly low, but is still above the weekly support level 1.27355. The level 1.27355 is both a weekly and a monthly support and as long as the price remains above it, we expect a possible bounce from it to pick a low risk buy order towards 1.42339. As it is, on the weekly chart, while the price is above 1.27355, we’re looking for a buy order, but should the price close below 1.27355 by the end of this month, then we’re continuing short with an ultimate target at 1.20615.

Trade Recommendations:

Rebuy the cable around 1.27355 towards 1.42339.

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