Elliott waves analysis – Wait for a clear buy around 1.31896

GBPUSD – Flat

Wait for a clear buy around 1.31896

Wave Analysis

Just as in Euro, the cable continues to loose value against the United states dollar but is still above the weekly support level 1.31896. This is a key level and as long as it protects the upper side, we expect a possible rally to the upper side. This view can only be invalidated in case the price breaks below 1.31896, if this is the case, then we’ll expect a rally to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.27252.

Trade Recommendations:

Wait for a clear buy around 1.31896

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Wait for a clear buy around 1.31896

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