Elliott waves analysis – We’re sellers towards 1.01.

Yesterday, the British pound pulled back upwards, but is still within a down trend. As we mentioned previously, this chart is still bearish. And while the price is see rallying below the three moving averages shown above, I expect nothing but a possible extension of the last impulsive wave (5) to the lowerside and will see the price break and close below 1.03860 towards 1.02585 and could continue much lower. On this chart, strictly look for sell positions.

We’re sellers towards 1.01.