Elliott waves analysis – Wait for the current correction to end around 1.29330.

GBPUSD – Flat

Wait for the current correction to end around 1.29330.

Wave Analysis

According to the 15 minutes attached, we’re seeing a possible correction to the upper side. Generally, this pair is very bearish on the weekly chart, therefore, we expect the current bullish price rally to be a mere correction to the upper side and should not go beyond 1.29330 where we’ll be looking for a possible long term sell. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lower side and should break below 1.28355 towards 1.25. As it is, we only recommend looking for a short position.

Trade Recommendations:

Wait for the current correction to end around 1.29330.

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