Elliott waves analysis – Still short towards 1.33051

GBPUSD – Flat

Still short towards 1.33051

Wave Analysis

As we said previously, the impulsive wave c extended significantly to the lower side and is still pretty much bearish both on the daily and the weekly chart. Ealier this week, the cable pulled back slightly to the upper side but is currently in line with the long term bearish trend. As long as the price remains below 1.35108, we expect a possible 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 1.33051 towards 1.26974 or even lower.

Trade Recommendation:

Still short towards 1.33051

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