Elliott waves analysis – weekly support is around 1.2738

GBPUSD – Flat

weekly support is around 1.2738

Wave Analysis

Just as in the Euro, the cable spiked upwards, but ended up closing below its opening price. The previous day’s candle is a bearish candle, but since the previous week’s candle was a perfect bullish pin bar candle, we’re hesitant to look for a sell order, instead we’re waiting for a surge towards 1.28718 to pick a long term buy order. Any rise above the previous day’s highest high will mean we’re continuing long with the last impulsive wave (c) to the upper side towards 1.32150. a break above this target will push the price even higher towards 1.34.

Trade Recommendations:

Flat

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