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Wait for a correction to pick a buy.

Wait for a correction to pick a buy. | 06 December 2019

06 December 2019, GBP/USD

Wait for a correction to pick a buy.

Wave Analysis

Since the beginning of this week, the impulsive wave (1) has continues to the upper side and is still pretty much bullish both on the daily and the weekly charts. We're waiting for a clear sign that the impulsive wave has ended so that we pick a correction. We expect the corrective wave (2) to unfold to the lower side and could see the price rally lower but should not go beyond 1.3010. As it is, buying this pair as it is now could be a bit risky, the best is to wait for a retracement to pick a low risk buy order.

Trade Recommendations:

Wait for a correction to pick a buy.

Bob Stan
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