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Remain short towards 1.35740.

Remain short towards 1.35740. | 06 January 2021

06 January 2021, GBP/USD

Remain short towards 1.35740.

Wave Analysis

The British pound is currently within an expanding wedge formation. As it is now, we are expecting a possible rally towards the lower trendline and will likely break and close below the lower trendline. If this is the case, then we will be expecting a possible momentum to the lowerside and should breakout below 1.35480 towards 1.34830 or even lower. And on the flip side, should the price breakout and close above 1.36650, then further momentum to the upperside is expected with an ideal target set at 1.37040.

Trade Recommendations:

Remain short towards 1.35740.

Bob Stan
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