Elliott waves analysis – We’re looking for sell orders towards 1.27355.

GBPUSD – Flat

We're looking for sell orders towards 1.27355.

Wave Analysis

The cable is currently trading around 1.29330, this is several pips below where we said we should buy it during the previous trading day. As long as the price remains below the level 1.29991, we expect a possible steep decline towards the weekly support level 1.27355. If you’re looking at this chart at the moment, we recommend remaining short on this pair, but only up to the weekly support level 1.2735. The level 1.27355 is major demand level and as long as the price remains above it, we’re watching for a possible buy from it.

Trade Recommendations:

We’re looking for sell orders towards 1.27355.

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