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GBPUSD. Wait for a sell from 1.24400.

GBPUSD. Wait for a sell from 1.24400. | 18 July 2019

18 July 2019, GBP/USD

GBPUSD. Wait for a sell from 1.24400.

Wave Analysis

After a massive pullback to the upperside, the cable is currently showing signs of selling off from around 1.24408. Basically, we expect the bounce from this level to have marked an end to the corrective wave (iv), that the current rally to the lowerside is the continuation of the impulsive wave (v) to the lowerside and should breakout below 1.24010 towards 1.23770 or even lower. As it is, as long as the price remains below 1.24400, we expect a sell, but should price break above 1.24000, we're looking for a buy.

Trade Recommendations:

Wait for a sell from 1.24400.

Bob Stan
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