Elliott waves analysis – We are short.


Wave Analysis:

The Great British Pound is currently on a downtrend, the price has been trading within the upper and the lower trendline for a while now. Recently the price rebounded from the impulsive wave cycle three towards the upper trendline at the corrective wave cycle four. Right now the price is on the upper trendline, I expect a bearish momentum from 1.2103 towards 1.1905 in continuation of the impulsive wave cycle five. On the flipside should the price break above the upper trendline then we automatically become buyers.

Trade Recommendations:

We are short.

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