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Wait for a possible rebound from 1.40067 to pick a sell, or a break above 1.40067 to pick a buy position towards 1.41840.

Wait for a possible rebound from 1.40067 to pick a sell, or a break above 1.40067 to pick a buy position towards 1.41840. | 06 May 2021

06 May 2021, GBP/USD

Wave Analysis

Looks like the British pound is heading to the upperside. We expect this bullish move to be the continuation of the impulsive wave 5 to the upperside and should extend much higher towards 1.41840 as it is now, we want to see a clear breakout above 1.40067 to mean we are continuing to the upperside with an ultimate target as indicated above. In case the price rebounds from 1.40067, then this will be a good place to consider a possible long term sell position with my target set at 1.36888.

Trade Recommendations:

Wait for a possible rebound from 1.40067 to pick a sell, or a break above 1.40067 to pick a buy position towards 1.41840.

Bob Stan
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