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Watch for sell positions along the upper trendline.

Watch for sell positions along the upper trendline. | 17 November 2020

17 November 2020, GBP/USD

Watch for sell positions along the upper trendline.

Wave Analysis

The British pound continues to rally within the expanding channel formation and is not showing any signs of violating it either to the upperside or to the lowerside, if you are on this chart now, watch for a breakout above the upper trendline to pick a buy position or a rebound from it to pick a sell. And on the flipside, a rally to the lowerside will mean we are continuing to the lowerside with an ultimate target set along the lower trendline, if the price breaks and closes below the lower trendline, then a rally much lower is expected.

Trade Recommendations:

Watch for sell positions along the upper trendline.

Bob Stan
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