Elliott waves analysis – We’re watching for a rebound from 1.20679 to pick a low risk buy position.

Currently, GBPUSD is rallying a round a significant monthly supportive level 1.20679. This is a significant zone and while the price is not able to clearly break and close below it, we are watching for a possible rebound from it to pick a possible long term buy position towards 1.31 and may likely extend much higher. On the flipside, should the price break below the same level, then we will be looking for a possible long term sell position and may see the price go as long as 1.15 and may extennd much lower.

We’re watching for a rebound from 1.20679 to pick a low risk buy position.