Elliott waves analysis – Wait

The British pound continues to rally to the upperside but is still below the level 1.2339. This is a key level and while the price does not break and close above it, we are waiting for a rebound from it to pick a possible long term sell position. In case the price breaks and close above this level, I expect nothing but a possible rally to the upperside towards 1.24 and may rally much higher. On this chart, buyers are in control especially is the price crosses above the level 1.24. On the otherside, if the price breaks and closes below 1.21557, then this will be a good place to consider another sell position.

Wait