Elliott waves analysis – Watch for a possible but around 1.2829 towards 1.3137.

GBPUSD – Flat

Wave Analysis

Yesterday, the cable opened at, 1.2876 went as high as 1.2909 and as low as 1.2829 but ended up closing at 1.2891 just a few pips above its opening price. The previous day’s candle is a perfect bullish pin bar candle and as long as the price remains above the previous day’s lowest low, we expect a possible rise towards 1.3137. Conservative traders should place a pending buy limit order around the previous day’s lowest low with their stops slightly below this low, and take profit at 1.3137. A break below 1.2690 may attarct a sell order.

Trade Recommendations:

Watch for a possible but around 1.2829 towards 1.3137.

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