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Remain short towards 1.29710.

Remain short towards 1.29710. | 28 October 2020

28 October 2020, GBP/USD

Remain short towards 1.29710.

Wave Analysis

During the previous trading day, the British pound failed to continue to the lowerside as expected, instead, the price moved slightly to the upperside but failed to close above the previous day's highest high. On this chart, we are still looking for low risk sell positions with an ultimate target set along the lower trendline. If the price breaks and closes below the supportive trendline, then further momentum much lower is expected with an ultimate target set around 1.26850. A break above 1.31620 may move price towards 1.34010.

Trade Recommendations:

Remain short towards 1.29710.

Bob Stan
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