Elliott waves analysis – Look for a potential buy around 1.39102

GBPUSD – Flat

Look for a potential buy around 1.39102

Wave Analysis:

No significant was seen yesterday on this pair, we expected an extension of the previous bearish correction to the lower side but the pair closed pretty much a where it opened. The previous day’s candle is a perfect indecision candle, with a long bullish tail, this is a possible indication that buyers are taking control of this market. Thus, we expect a momentum to the upper side with an ultimate target at 1.5035. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upper side and may extend beyond 1.5035 towards 1.60. This pair should be traded alongside GBPHKD, EURUSD, NZDUSD and AUDUSD. These pairs will have a similar price action today.

Trade Recommendations:

Look for a potential long position with an ultimate target at 1.5035

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