Elliott waves analysis – We’re short upon a clear bounce from 1.33059.

GBPUSD – Flat

We're short upon a clear bounce from 1.33059.

Wave Analysis

After bouncing from the weekly support level 1.26941, the cable headed to the upperside and is still very bullish both on the weekly and the monthly chart. We’re waiting for a clear sell signal around 1.33059, as it is on the weekly chart. According to the chart attached, we’re expecting a momentum towards 1.33059. This is a weekly resistance level and should the price fail to breakout above it, then this will be a ideal place to look for a long term sell towards 1.26941. A break below this level will push the price further to the lowerside towards 1.21331.

Trade Recommendations:

We’re short upon a clear bounce from 1.33059.

101% Double the volume

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