Wait and buy the last impulsive wave 5 above 1.40067 towards 1.41780.

04 May 2021, GBP/USD

Wave Analysis

During the previous trading day, the British pound rallied massively to the upperside but failed to breakout above the zone 1.40067-1.39820. This is a significant daily resistance zone and while the price is not able to clearly breakout above this zone we are waiting for a clear rebound from it to pick a possible long term sell position towards 1.36722 and may breakout to the lowerside. A clear breakout above the zone 1.40067-1.39820, then this will be a good place to consider a possible long term buy position towards 1.41780.

Trade Recommendations

Wait and buy the last impulsive wave 5 above 1.40067 towards 1.41780.

Graham Osano
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