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Remain long towards 1.34470.

Remain long towards 1.34470. | 09 December 2020

09 December 2020, GBP/USD

Remain long towards 1.34470.

Wave Analysis

The British pound is currently within an expanding wedge formation. While the price remains within this wedge formation, we're only interested in trading reversals. We'll wait for a buy from the lower trendline and a sell from the upper trendline. As it is now, we are expecting a possible continuation of the impulsive wave (b) to the upperside but should not go beyond the level 1.34479. A breakout above this level will push the price much higher with the next ideal target set at 1.35570.

Trade Recommendations:

Remain long towards 1.34470.

Bob Stan
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