Elliott waves analysis – wait for a pullback to pick a buy position towards 1.31358.

GBPUSD – Flat

wait for a pullback to pick a buy position towards 1.31358.

Wave Analysis

According to the weekly chart attached, the cable is above a weekly level 1.27053, and as we mentioned in our previous forecasts, as long as the price remains above 1.27053, we expect nothing but a possible steep momentum towards the resistance level 1.30616. According to this chart, only a break below 1.27053 will mean we’re short. And on the lower time frames, daily chart, (shown below), the price broke out above a key resistance trendline, and as long as the price remains above, we expect a possible pullback before a move even higher is seen.

wait for a pullback to pick a buy position towards 1.31358.

Trade Recommendations:

wait for a pullback to pick a buy position towards 1.31358.

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