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We're upwards towards the upper trendline.

We're upwards towards the upper trendline. | 17 December 2020

17 December 2020, GBP/USD

We're upwards towards the upper trendline.

Wave Analysis

After bouncing off from the lower trendline, the British bound continued to the upperside and is still pretty much bullish both on the daily on the weekly charts. As long as the price remains below the upper trendline, we are expecting a possible bounce from it to pick a possible short term sell position. As it is now, we are expecting a possible extension of the impulsive wave (E) to the upperside but should not go beyond the upper trendline where if the price break above it, then further momentum to the upperside is expected.

Trade Recommendations:

We're upwards towards the upper trendline.

Bob Stan
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