Nady Laymoud
Independent Analyst
Summary
This week, we will go over Cable`s next probable movement and explore GBPUSD`s highly likely Elliott wave counts.
Cable has been clearly trading in a sideways manner from late October 2016. Since the basic technical analysis rules suggest trend continuation following a sideways consolidation, we will focus on support and resistance key levels.
For the bearish view to remain intact, Cable would have to trade below 1.2707. Movement above that key level would increase confidence in trend reversal and bullish views.
Main count expects Cable to unfold downwards sharply within a third wave while the first alternate count expects Cable to unfold upwards to complete a second wave correction.
On the other hand, the second alternate count -presented on a daily chart- expects Cable to unfold in a sideways manner before resuming its downtrend.
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