Elliott waves analysis – Conservative traders could wait and sell a breakout below 1.2492 towards 1.2405.

GBPUSD – Flat

Wave Analysis

After breaking below the supportive trend line, the cable corrected itself to the upper side but is still below this trend line, but above 1.2492. The level 1.2492 is a key daily support and as long as the price remains above it, we expect a possible bounce from it to pick a possible long term buy. But should price breakout below it, then this will be a good place to pick a long term sell order with an ultimate target at 1.2405. A bounce from 1.2492 will attract a low risk buy towards 1.2765 or even higher.

Trade Recommendations:

Conservative traders could wait and sell a breakout below 1.2492 towards 1.2405.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.