Elliott waves analysis – We’re short from 1.2466 towards 1.18.


Regarding GBPUSD, it’s evident that the price exhibited strong bullish momentum towards the end of last week (17/11/23); however, this does not alter the overall bearish trend. The pair is currently in an impulsive phase, forming the outer major impulsive wave ‚V,‘ which we anticipate reaching 1.1819. Our expectation is for the price to decline towards the support zone of 1.1819, serving as our target for the major outer wave ‚V.‘ Consider initiating a short position at 1.2376 with a profit target set at 1.1819.

Trade Recommendatioins:

We’re short from 1.2466 towards 1.18.

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