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Wait | 19 May 2020

19 May 2020, GBP/USD

Wave Analysis

Instead of continuing to the lower side, the British pound is currently pulling back to the upper side, we expect the previous day's low to be the swing low, that the current bullish price rally is the continuation of a correction to the upper side and should head straight towards the 50.0% fib level, As it is now, we are still in a correction mode, and unless the price clearly break and close above 50.0% level, we are sellers. On the flip side, a break and close below 23.6% fib level will be a good place to consider a long term sell order with an ideal target around 1.20630.

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Bob Stan
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