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Buy a rebound from the lower trendline towards 1.37438.

Buy a rebound from the lower trendline towards 1.37438. | 29 January 2021

29 January 2021, GBP/USD

Buy a rebound from the lower trendline towards 1.37438.

Wave Analysis

Yesterday, our target was hit when the price tested the lower trendline. We expected a possible breakout below the lower trendline but the price failed to close below it. If the price breaks and closes below the lower trendline, then this will be a good sign that we are continuing to the lowerside. And in case the price rebounds from the same trendline, then this will be a good place to consider a possible long term buy position towards the upper trendline and should break above 1.37438 towards 1.37940.

Trade Recommendations:

Buy a rebound from the lower trendline towards 1.37438.

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Bob Stan
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