Elliott waves analysis – We’re short with our target at 1.16

GBPUSD – Flat

GBPUSD has been on a downtrend since the beginning of this week. The market is in a corrective phase which is the corrective 3-wave pattern. As we can see on the chart above, the market has formed a descending channel from 1.2266. The market is still growing within this descending channel. Currently, the price has been rejected at a major zone/resistance zone (1.1928). I expect the price to drop from this zone up to 1.1729. You can place sell orders now. Place your take profit at 1.1729. Lastly, Should the market break above the resistance zone, this setup will be invalidated.

Trade Recommendations:

We’re short with our target at 1.16

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