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Look for long term sell positions towards 1.35.

Look for long term sell positions towards 1.35. | 24 March 2021

24 March 2021, GBP/USD

Look for long term sell positions towards 1.35.

Wave Analysis

The British pound is currently in an active downtrend. As long as the price remains below the Alligator indicator, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (E) to the lowerside and should breakout below 1.3675 to the lowerside with an ultimate target set at 1.35 and may breakout much lower. On the flipside, should the price break and the upper blue line, then this will be the only place consider a possible long term buy position towards 1.3875.

Trade Recommendations:

Look for long term sell positions towards 1.35.

Bob Stan
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