Elliott waves analysis – We’re on the sidelines for now.

GBPUSD is currently rallying within a range, inside a converging wedge formation. As long as the price does not break and close out of this range, we choose to remain on the sideline,

ideally, we are watching for a break above the range to pick a possible buy order towards 1.26393 and may likely continue to the upperside. On that, only buy positions looks ideal unless the price breaks and closes below 1.17860, if this is the case, then further momentum to the lowerside is expected.

Trade Recommendations:

We’re on the sidelines for now.