Elliott waves analysis – Wait and buy a break above 1.2140

The British pound is showing signs of bouncing off from the upper trendline. As long as the price remains below the the upper trendline, we are looking at nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of an impulsive wave cycle and may see the price continue to the lowerside towards 1.19190 and may continue much lower. On the flipside, should the price break and close above this trendline, then further momentum to the upperside is expected.

Wait and buy a break above 1.2140