Elliott waves analysis – We’re short but waiting for a bullish correction

GBPUSD – Flat

GBPUSD has completed the ‚V‘, major waves pattern, with the price currently at the major impulsive wave ‚V‘ at ‚1.2256‘. We expect the price to move to the upside impulsively in the form of a corrective ‚ABC‘ pattern. You can place a long position at ‚1.2310‘, with your profit target at the resistance zone of ‚1.2414‘. Please note that this zone is our target for minor wave ‚a.‘ This setup will only be invalidated should the price break below zone ‚1.2203‘. Ensure you use proper risk management.

Trade Recommendations:

We’re short but waiting for a bullish correction

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