Elliott waves analysis – sell the cable below 1.33051

GBPUSD – Flat

sell the cable below 1.33051

Wave Analysis

Last week, we saw a drastic decline in the value of pound against the us dollar but is currently bouncing from a daily support level 1.33516. We’re patiently waiting for a breakout below this level to confirm a possible rally towards 1.26974. The anticipated bearish price rally is the continuation of the impulsive wave c to the lowerside and may extend beyond 1.26974 towards 1.21477 or even lower. This view can only be invalidated in case of a rebound from 1.33516, this being the case, we’ll expect a momentum towards 1.37115.

Trade Recommendation.

sell the cable below 1.33051 towards 1.26974

FreshForex cancels commissions!

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

Tags:
Shares