Elliott waves analysis – we’re long towards the upper trendline

GBPUSD – Flat

we're long towards the upper trendline

Wave Analysis

The cable is still rallying within the falling wedge formation. As long as the price is still within the contracting wedge formation, we expect further momentum to the lowerside. We’re basically waiting for the corrective three wave cycle to end for us to the sell this pair at the least risk possible. And should the price break above the upper trendline, then this will be an ideal place to look for a long term long position with the first target at 1.3085, and should this target be broken, then further momentum upwards is expected.

Trade Recommendations:

we’re long towards the upper trendline

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