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On the sidelines

On the sidelines | 23 December 2019

23 December 2019, GBP/USD

Wave Analysis

The cable is currently rallying around a significant 4 hours support zone 1.3018-1.3072. This is a good zone and as long as the price is not able to clearly break below it, we choose to remain flat, waiting for a possible bounce from it to pick a long term buy order with an ideal take profit at 1.2530. This view can only be invalidated in case of a break below 1.2970, if this is the case, then this will be the unfolding of an impulsive wave count and could see the price break below 1.2810 towards 1.2650.

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On the sidelines

Bob Stan
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