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Remain short towards 1.29740.

Remain short towards 1.29740. | 20 August 2020

20 August 2020, GBP/USD

Wave Analysis

During the previous trading day, The British pound failed to sustain the breakout above 1.31618, instead, the price again moved to the lower side and ended up below 1.31618. As long as the price remains below 1.31618, we expect nothing but a possible momentum to the lower side towards 1.29740. The idea is not to look for a trade now, rather, wait for a pullback towards 1.31618 to pick a low risk sell position with your stop loss above the previous day's highest high at take profit at 1.29740.

Trade Recommendations:

Remain short towards 1.29740.

Bob Stan
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