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Expect a possible bearish correction towards the supportive trendline.

Expect a possible bearish correction towards the supportive trendline. | 14 August 2020

14 August 2020, GBP/USD

Expect a possible bearish correction towards the supportive trendline.

Wave Analysis

Last week, we saw a new high when the British pound ended up around 1.31650 but could not breakout any higher. As it is now, we are expecting a possible correction to the lowerside but should not go below the supportive trend line. We are basically waiting for a correction to the lowerside towards the lower trendline to pick a low risk buy position. A break below the supportive trendline will mean we are continuing to the lower side towards the next supportive trend line. If the price breaks above 1.31650, then we may be continuing upwards.

Trade Recommendations:

Expect a possible bearish correction towards the supportive trendline.

Bob Stan
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