Elliott waves analysis – Wait, but expect a possible move towards 1.30616.

GBPUSD – Flat

Wave Analysis

During the previous week, the cable close higher than expected, and is still above our sellers level 1.27053, as long as the price remains above this level, we expect a possible momentum towards 1.30616 and should not break any higher. And on the flipside, should the price break below 1.27053, then this will be an ideal place to resell the last impulsive wave (c) to the lowerside towards 1.20905. On its way downwards, the key lines to look for possible exit include 1.25260, 1.23050, and 1.20905. A bullish bounce from either of these levels may attract a buy position.

Trade Recommendations:

Wait, but expect a possible move towards 1.30616.

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