Elliott waves analysis – We’re long towards 1.3132.

GBPUSD – Flat

We're long towards 1.3132.

Wave Analysis

Perfectibility as we forecasted during the previous trading day, euro spiked higher and is still pretty much bullish both on the weekly and the daily charts. As long as the price remains above the upper trendline, we expect a possible steep rise towards the level 1.3132. As we mentioned previously, the idea here is to wait for a retracement towards 1.2835 to pick a long term long position towards 1.3132. As it is on the daily chart attached, only buy positions looks ideal, but should price go below 1.2666 then this will be a good place to look for a sell position.

Trade Recommendations:

We’re long towards 1.3132.

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