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Wait for a bounce from 1.3012 to pick a buy.

Wait for a bounce from 1.3012 to pick a buy. | 19 December 2019

19 December 2019, GBP/USD

Wait for a bounce from 1.3012 to pick a buy.

Wave Analysis

During the previous trading day, the cable bounced off from the supportive zone 1.3012-1.3086. The previous bearish rally which saw price retrace back towards the supportive zone is 100% correction of the recent impulsive wave (3), we expect the correction to end upon a bounce from 1.3012 to pick a long term buy. But in case the price breaks and closes below 1.3012, then this will invalidate the anticipated bullish price rally and could push the price even lower towards 1.2810.

Trade Recommendations:

Wait for a bounce from 1.3012 to pick a buy.

Bob Stan
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