Elliott waves analysis – We’re sellers

GBPUSD – Flat

GBPUSD has been bullish since the beginning of this week. the market is currently in a corrective phase (ABC corrective pattern). As we can see on the chart above, the market formed a continuation pattern (Expanding channel) from minor corrective wave „A“,1.2423 to minor corrective wave „B“,1.1820. The price is currently at 1.2521, I expect the price to drop slightly up to 1.2263 and then buy up to 13640. You can open a sell trade now (risky entry) with your tale profit at 1.2263 and stop loss at 1.2506.

Trade Recommendations:

We’re sellers

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