Elliott waves analysis – We’re waiting for a bullish correction to pick a possible low risk sell position towards 1.10

The British pound continues to rally to the lowerside despite the previous forecast that it could extend to the upperside. While the price remains above the Friday’s highest high, I expect nothing but a possible momentum to the upperside but should not go beyond the previous month’s highest high 1.03757. So, technically, the bullish move we are looking at now, is a mere correction, overall, we are looking for an extension of the last impulsive wave (5) towards 1.10, and may breakout much lower.

We’re waiting for a bullish correction to pick a possible low risk sell position towards 1.10