Elliott waves analysis – Wait for a slight pullback

GBPUSD – Flat

Wait for a slight pullback

Wave Analysis:

During the previous trading day, a main move towards our direction was seen when the price went below the daily support level 1.33516 and is still pretty much below this level. This is a bearish dominance sign and as long as the price is sustained below it, 1.33516, we expect a possible momentum to the lower side, the anticipated bearish price rally is the continuation of the impulsive wave c and may break below 1.26974 towards 1.21477 or even lower. As it is on the daily chart, only short positions looks more ideal and can be recommended.

Trade Recommendations:

Wait for a slight pullback to pick a short position towards 1.26974

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