Elliott waves analysis – We’re short towards 1.21712

GBPUSD – Flat

Wave Analysis

During the previous trading day, the impulsive wave (c) traded intensely to the lowerside and is still pretty much bearish. Today and in the next few days, we expect a possible extension of the impulsive wave (c) to the lowerside and may break below 1.28900 but should not go beyond 1.21712. If you’re not short already, you could wait for a correction towards 1.33058 to pick a low risk short position. However, this notwithstanding, should the price get above 1.33058, then this could be an ideal spot to pick a long position.

Trade Recommendations:

We’re short towards 1.21712

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