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Remain long towards 1.29941.

Remain long towards 1.29941. | 08 October 2020

08 October 2020, GBP/USD

Wave Analysis

Yesterday, the British pound bounced off nicely from the supportive trendline, headed straight to the upperside and is still pretty bullish both on the daily and on the weekly charts. We expect the bounce from the lower trendline to mark an end to the corrective wave (D) to the lowerside and the beginning of the last impulsive wave (E) to the upperside and should breakout above 1.29941 towards 1.30210. On the flipside, should the price break below the lower trendline, then further momentum to the lower side is expected.

Trade Recommendations:

Remain long towards 1.29941.

Bob Stan
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