Elliott waves analysis – We’re short

GBPUSD – Flat

GBPUSD is currently in a corrective phase, the market is moving in form of a corrective 3-wave pattern. This pair formed a descending channel from minor corrective wave a,(1.1978) to minor corrective wave b,(1.2215), and as we can see on the chart above the market has already broken below the lower trendline of this channel, this is a clear sign that this pair is likely to drop. I expect this pair to buy(short term) up to 1.2070, form a double top then drop up to 1.1189. You can place a buy order now with your target at 120.70.

Trade Recommendations:

We’re short

You may check other analytical reviews on FreshForex website. Source: freshforex.com.