Elliott waves analysis – We’re on the sidelines.

The British pound is struggling around 1.24101. As long as the price does not clearly break and close below this zone on the monthly chart, we expect nothing but a possible rebound from it to pick a possible long term buy position. Otherwise, a clear breakout and close below it will attract a possible long term sell position with an ultimate target set at 1.06197 and may likely break much lower. On this chart, sell positions are not advised, I recommend you remain on the sidelines.

We’re on the sidelines.