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Remain short towards 1.20855.

Remain short towards 1.20855. | 20 May 2020

20 May 2020, GBP/USD

Remain short towards 1.20855.

Wave Analysis

During the previous few days the cable continued to the upperside, went above the Alligator indicator, but is yet to clearly break above the 50 Simple moving average, we expect this SMA to act as Dynamic resistance to any moves to the upperside, that any clear bounce from it will be an end to the corrective wave (iv) that any clear movements to the lowerside is the continuation of the impulsive wave (v) to the lowerside and should break below 1.20855 towards 1.20. This view can only be invalidated in case the price breaks and closes above the 50 SMA above.

Trade Recommendations:

Remain short towards 1.20855.

Bob Stan
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