Elliott waves analysis – We’re short towards 1.33051

GBPUSD – Flat

We're short towards 1.33051

Wave Analysis

On Friday last week, after a slight move to the upper side, this pair crashed steadily and is still pretty much bearish both on the daily and the weekly charts. We expect the level 1.3625 to have marked the end of the corrective wave b, that the Friday’s slight decline in price is the unfolding of the impulsive wave c to the lower side and may break below 1.33051, this being the case, we’ll expect a possible bearish price rally towards 1.3087 and may extend further towards 1.26974 or even lower.

Trade Recommendations:

We’re short towards 1.33051

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