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Buy a bounce from around 1.2835.

Buy a bounce from around 1.2835. | 06 November 2019

06 November 2019, GBP/USD

Buy a bounce from around 1.2835.

Wave Analysis

After an impulsive move to the upperside, the cable corrected itself to the lowerside but is still within the contracting wedge formation. We expect the current rally to the lowerside to be a mere correction but should not go beyond the supportive trendline, if the price is protected from violating the supportive trendline, then this will give us the best place to look for a buy order. But in case the price breaks and closes below the supportive trendline, then this will mean we;re heading to the lowerside with an ultimate target at 1.2615.

Trade Recommendations:

Buy a bounce from around 1.2835.

Bob Stan
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