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Wait for a buy from 1.3012.

Wait for a buy from 1.3012. | 11 December 2019

11 December 2019, GBP/USD

Wait for a buy from 1.3012.

Wave Analysis

During the previous trading day, the cable spiked to the lower side, but could not hit our target set at 1.3012, we expect the previous day's decline in price to be the continuation of the corrective wave (2) to the lower side and should break below 1.3012. If the price bounces off from 1.3012, then this will give us a good place to pick a long term buy order. The anticipated buy position is the continuation of an impulsive wave (3) and should see the price break beyond 1.315 towards 1.3256 or even higher.

Trade Recommendations:

Wait for a buy from 1.3012.

Bob Stan
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