Elliott waves analysis – we’re short below 1.2940

GBPUSD – Flat

we're short below 1.2940

Wave Analysis

Earlier this trading day, The cable bounced off from the lower trendline and is currently heading to the upperside, we expect this upward rally to be the continuation of a corrective three wave cycle and should break above 1.3020 towards the upper trendline. If this trendline is breached to the upperside, then this will be a good place to look for a long term long position with an ultimate target at 1.3245. And on the lowerside, should the price break below 1.2940, then this will be a good place to look for a long term short position.

Trade Recommendations:

we’re short below 1.2940

101% Double the volume

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