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Look for long term buy positions towards 1.34395.

Look for long term buy positions towards 1.34395. | 21 October 2020

21 October 2020, GBP/USD

Wave Analysis

Currently the British pound is within a rising wedge formation. While we continue to see sustenance above the lower trend line, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should breakout above towards 1.34395. If the price breaks beyond this level, then further momentum much higher is expected. On the flip side, a breakout below this level will push the price to the lowerside.

Trade Recommendations:

Look for long term buy positions towards 1.34395.

Bob Stan
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