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Expect a correction towards 1.31820

Expect a correction towards 1.31820 | 01 March 2019

01 March 2019, GBP/USD

Expect a correction towards 1.31820

Wave Analysis

The previous month's candle closed below a key level 1.3338 but is above 1.31820. According to the weekly chart attached, as long as the price remains above 1.31820, we expect a possible surge to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should break above 1.38150 towards the weekly resistance level 1.45206. As it is on the weekly chart, only a clear breach and close below 1.31820 will attract a sell order towards 1.26781.

Trade Recommendations:

Rebuy the cable from 1.31820 towards 1.45206.

Bob Stan
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