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Wait | 14 October 2019

14 October 2019, GBP/USD

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Wave Analysis

After spiking massively to the upperside, the cable is currently correcting itself to the lowerside. We expect the Friday's highest high to have marked an end to the previous five wave cycle, that the current bearish price rally is the continuation of the corrective three wave cycle but should not go beyond 1.2455. The idea is not to pick a sell position now, rather, wait for a slight correction to the upper side to pick a low risk sell order. And on the flip side, should the price break above the previous week's highest higher, then this will mean we're looking for a long term buy.

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Bob Stan
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