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Wait and sell a break below 1.20393.

Wait and sell a break below 1.20393. | 18 March 2020

18 March 2020, GBP/USD

Wait and sell a break below 1.20393.

Wave Analysis

The cable is currently around a very significant daily support 1.20393. This is a very significant level and while the price is not able to clearly break below it we choose to remain on the sidelines, so far, the cable has been in an active downtrend and chances of continuing to the lower side are very high, therefore, I recommend waiting for a break below 1.20393 to confirm a possible momentum to the lower side with an ultimate target around 1.18470. As it is now, this pair is very bearish and chances of breaking below 1.20393 are very high.

Trade Recommendations:

Wait and sell a break below 1.20393.

Bob Stan
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