Elliott waves analysis – Waiting for a low risk buy opportunity.

GBPUSD – Flat

Waiting for a low risk buy opportunity.

Wave Analysis

During the previous week, the cable bounced off from 1.30185 and is still headed to the lower side. We expect this bounce to have marked an end to both the impulsive waves (iii) and (5), that the current bearish price rally is the continuation of the corrective wave (iv) to the lower side but should not go beyond 1.28085. A bounce from 1.28085 will be the onset of the last impulsive wave (v) and should break above the previous week’s highest high towards 1.452. Only a break below 1.28085 may invalidate this move.

Trade Recommendations:

Waiting for a low risk buy opportunity.

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