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We're buyers | 05 June 2019

05 June 2019, GBP/USD

Wave Analysis

The cable is currently trading within a rising wedge formation. As long as the price remains within this shape formation, we expect nothing but possible momentum further to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should breakout above 1.27320 towards 1.27460. If this target is broken, then further momentum further towards 1.28 is expected. And on the flip side, only a clear breakout below the supportive trendline will attract a good sell towards 1.25625.

Trade Recommendations:

Look for low risk buy orders towards 1.27460.

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Bob Stan
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