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Wait for a bounce from 1.30169-1.29869 to pick a long term buy position towards 1.32794.

Wait for a bounce from 1.30169-1.29869 to pick a long term buy position towards 1.32794. | 27 January 2020

27 January 2020, GBP/USD

Wave Analysis

Last week, the corrective wave (b) continued to the lower side but is still above the level 1.30168-1.29869. As long as the price remains above this zone, we are waiting for a clear bounce from this zone to buy the last impulsive wave (c) to the upper side and should break above 1.3145 towards 1.32794. This view is only valid as long as the price remains above 1.30168-1.29869. This view can only be invalidated in case the price breaks and closes below 1.30169, if this is the case, then a momentum to the lower side is expected.

Trade Recommendations:

Wait for a bounce from 1.30169-1.29869 to pick a long term buy position towards 1.32794.

Bob Stan
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