Elliott waves analysis – We’re short

GBPUSD – Flat

GBPUSD is in a corrective phase,(ABC corrective pattern). This pair has been in a downtrend since last week. The market has formed a head and shoulder pattern which is a bearish pattern. The pattern can be seen in the lower time frame. I expect this pair to drop at least up to 1.1921. Should the market fail to break below this level,(1.1921), then the price will most likely form a double bottom and then buy up to 1.2130. You can enter sell trade now with your profit target at 1.1679. Place your stop loss at 1.2092.

Trade Recommendations:

We’re short

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