Elliott waves analysis – We’re waiting for a possible buy signal around 1.215

GBPUSD – Flat

Wave Analysis

During the previous trading day, the British pound pulled back to the lowerside but is still above 1.21557. This is a key level and while the price does not break and close below it, we are waiting for a clear rebound from it to pick a possible long term buy position. On the flipside, should the price break and close below 1.21557, then this will be a good place to consider a possible long term sell position towards 1.1949 and may break below it.

Trade Recommendations:

We’re waiting for a possible buy signal around 1.215

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