Elliott waves analysis – We’re looking for low risk sell positions towards 1.15 or even lower.

Since the previous day’s analysis, the British pound has not shown any clear moves to the lowerside. As it is on the daily chart attached, we are still waiting for a pullback towards 23.6% fib level to pick a possible long term sell position, or the price should break below 1.17872 to pick more sell positions towards 1.15 and could extend much lower. The anticipated bearish price rally is the continuation of the last impulsive wave (5) to the lowerside and should see the price break and close below 1.1400 or even lower.

We’re looking for low risk sell positions towards 1.15 or even lower.