Elliott waves analysis – we’re short below 1.27233

GBPUSD – Flat

we're short below 1.27233

Wave Analysis

After the bearish pin bar seen a fortnight ago, the cable spiked to the lower side and is still pretty much bearish both on the weekly and the monthly charts. According to the weekly chart above, we’re waiting for a clear breakout below 1.27233 to pick a long term long position with an ultimate target at 1.21331. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should first break below 1.27233 before further move is seen with an ultimate target at 1.21331. A buy may only be considered should the price bounce from 1.27233.

Trade Recommendations:

we’re short below 1.27233

101% Double the volume

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