Elliott waves analysis – You may sell the cable now and have your take profit at 1.21804.

GBPUSD – Flat

Wave Analysis

The cable is currently trading around a key weekly level 1.26. This is a good sellers area and as long as the price remains below it, we expect nothing but a possible momentum to the lower side. The anticipated bearish price rally is the unfolding of an impulsive wave count to the lowerside and should head towards the monthly support level 1.21804. If you’re not in any position at the moment, you can still sell this pair now, and have you stop loss above last month’s highest high and take profit at 1.21804.

Trade Recommendations:

You may sell the cable now and have your take profit at 1.21804.

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