Elliott waves analysis – We’re looking for a sell from within 1.2788-1.2745 towards 1.2482.

GBPUSD – Flat

We're looking for a sell from within 1.2788-1.2745 towards 1.2482.

Wave Analysis

We have a key zone around 1.2788-1.2745. This is a key zone and as long as the price remains below it, we expect nothing but a possible momentum to the lowerside. If you’re not in any position at the moment, you could sell this pair within 1.2788-1.2745 and have your stop loss above last week’s highest high, and the first take profit at 1.2482. And should price break above this zone, then we’ll wait for a confirmation that the price will continue upwards towards 1.3165, as it is on the chart attached, only sell positions looks ideal.

Trade Recommendation:

We’re looking for a sell from within 1.2788-1.2745 towards 1.2482.

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