Elliott waves analysis – We’re having a pending buy limit order around 1.27355 with our take profit at 1.42339.

GBPUSD – Flat

Place a pending buy limit order around 1.27355 Wave Analysis

After a drastic decline seen during the previous trading, the cable pulled back upwards and even closed above its opening. The previous day’s candle is a possible indication that the buyers are coming in, but as we mentioned previously, the best place to buy this pair is around 1.27355. The level 1.27355 is a major level and as long as the price remains above it, we choose to have a pending buy limit around this level and a stop loss below 1.23870 and take profit at 1.42339. Conservative traders should remain flat and wait.

Trade recommendations:

We’re having a pending buy limit order around 1.27355 with our take profit at 1.42339.

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