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Remain short.

Remain short. | 16 April 2020

16 April 2020, GBP/USD

Remain short.

Wave Analysis

This week, the British pound went as high as 1.26490, but has currently pulled back to the lower side and is almost reaching the current week's opening price. We expect this bearish price rally to be the continuation of the corrective three wave cycle and could see price break below the immediate trend line. If the impulsive wave (c) successfully goes below 1.23540, then I expect further momentum to the lower side but should not go beyond 1.21590. If you are on this chart now, remain short.

Trade Recommendations:

Remain short.

Bob Stan
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