Elliott waves crypto analysis – We’re waiting for a buy signal around 1.3855.

GBPUSD – Flat

We're waiting for a buy signal around 1.3855.

Wave Analysis:

Yesterday, the cable declined in value and even hit the lowers of 1.3855 but got rejected perfectly, as long as the price is supported by 1.3855, we expect a possible bullish price rally, the anticipated bullish price movements is the continuation of both the impulsive waves (c) and (v) and should break above 1.4270 towards 1.4705. This pair should be traded alongside GBPHKD, NZDUSD, AUDUSD and GBPCHF. These pairs have a strong positive correlation of up to +62% and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We’re waiting for a buy signal around 1.3855.

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