Elliott waves analysis – We’re short from within 1.2714 with your take profit at 1.2490.

GBPUSD – Flat

We're short from within 1.2714 with your take profit at 1.2490.

Wave Analysis

For the past few days, after breaking below the daily support zone 1.2695-1.2750, the cable has remains confined below this zone and has just retraced back to the same zone, as long as the price remains below this level, we expect nothing but a possible decline to the lowerside. According to the 4 hour chart attached, we’re waiting for a clear rebound sign from 1.2708 to pick a long term short position towards 1.2490. You may look for a short position now, especially while price is below 1.2750 with your take profit at 1.2490.

Trade Recommendations:

We’re short from within 1.2714 with your take profit at 1.2490.

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