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Buy a bounce from the supportive trendline

Buy a bounce from the supportive trendline | 15 April 2019

15 April 2019, GBP/USD

GBP

Wave Analysis

The cable is currently trading within a converging channel formation. As long as the price remains within this wedge formation, we expect nothing but a possible momentum to the upperside. Currently, the price is approaching the lower supportive trendline, we're waiting for a bounce from the supportive trendline to pick a long term buy towards the upper trendline. This view can only be invalidated in case the price breaks below this trendline, if this is the case, then a move even further to the lowerside is expected.

Trade Recommendations:

Buy a bounce from the supportive trendline.

Bob Stan
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