Elliott waves analysis – Wait and buy a break above 1.40067.

GBPUSD – Flat

Wait and buy a break above 1.40067.

Wave Analysis

The British pound is still being held below the resistance zone 1.40057-1.39928. As long as the price is held below this zone, we are waiting for a clear rebound from this trendline to pick a possible long term sell position towards 1.36722. If the price should breakout above the level 1.40057, then this will be a good place to consider a possible long term buy position. The anticipated bullish price rally is is expected with an ultimate target set at 1.41780. The anticipated bullish price rally is the continuation of an impulsive wave count and should break above 1.42350.

Trade Recommendations

Wait and buy a break above 1.40067.

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