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Look for a buy position towards 1.28740.

Look for a buy position towards 1.28740. | 25 June 2019

25 June 2019, GBP/USD

Look for a buy position towards 1.28740.

Wave Analysis

Yesterday, the cable rose tremendously and is now above a key trendline. As long as the price remains above this level, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the unfolding of an impulsive wave count and should head straight towards 1.27740. Any breakout to the upperside will push price even higher but should not go above 1.31875. As it is, only a buy position can be recommended, but should price breakout below 1.27165, then this will be a good sell towards 1.24925.

Trade Recommendations:

As long as the price is above the immediate trendline, look for buy orders with your target at 1.28740.

Bob Stan
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