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Wait for a bounce from the lower trendline to pick a buy position.

Wait for a bounce from the lower trendline to pick a buy position. | 20 July 2020

20 July 2020, GBP/USD

Wave Analysis

After reaching a high of 1.26640, the British pound corrected itself to the lower side and is still pretty much in a bears market. We expect further momentum to the lower side and should break below the supportive trend line towards the lower trend line, As it is now should the price break above the upper trend line, then this could be a good place to consider a possible long term buy position. And on the flip side, in case the price breaks and closes below the lower trend line, then I will expect a surge towards 1.23545.

Trade Recommendations:

Wait for a bounce from the lower trend line to pick a buy position.

Bob Stan
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