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Wait for a buy from 1.29869 with your take profit at 1.32794.

Wait for a buy from 1.29869 with your take profit at 1.32794. | 29 January 2020

29 January 2020, GBP/USD

Wait for a buy from 1.29869 with your take profit at 1.32794.

Wave Analysis

As expected, the cable rallied to the lower side but could not break below 1.29869-1.30168. As long as the price does not break below this zone, we choose to remain flat, we are expect a bounce from around 1.29869-1.30168 to mark an end to the corrective wave (b) that any clear bullish candles will mark the beginning of the impulsive wave (c) to the upper side towards 1.32794. A break above this level will push the price much higher towards 1.34950. A break below 1.29869 will push the price much lower towards 1.27215.

Trade Recommendations:

Wait for a buy from 1.29869 with your take profit at 1.32794.

Bob Stan
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