Elliott waves analysis – Sell the British pound

GBPUSD – Flat

GBPUSD is currently very bullish. As we can see on the chart above the price is in a corrective phase (ABC corrective pattern). The market is currently forming the minor wave „b“,If you are holding any Buy trade I would advise you to close it at 1.2499, this is where we expect the end of minor wave „b“ to be. You can move the stop loss to 1.2466. Should the price break above 1.2499 impulsively this setup will be invalidated. Lastly, it’s not advisable to open any buy trade now as it is very risky.

Trade Recommendations:

Sell the British pound

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