Elliott waves analysis – We’re long on a break above 1.33670.

GBPUSD – Flat

GBP

Wave Analysis

During the previous week, the cable traded intensely to the upperside, and even closed above 1.31820. This is a key line and since the previous months candle was a perfect bullish pin bar candle, as long as the price remains above 1.31820, we’re bullish, but we’re waiting for a close above 1.33670 to confirm that we’re upwards. The projected bullish price rally is the continuation of the impulsive wave (c) to the upperside towards 1.45206. This view can only be invalidated in case the price closes below 1.31820.

Trade Recommendations:

We’re long on a break above 1.33670.

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