18 May 2021, GBP/USD
Weekly Review
The British pound is still in an upward rally. As long as the price remains above the upper trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count (v) and could see price break and close above 1.46230 towards 1.47 or even higher. As it is now, only buy positions looks ideal and may be recommended. However, should the price descend and close below the same trendline, then we're likely to see sellers take control towards 1.32 and may extend much lower towards 1.21600.
Trade Recommendations:
Look for low risk buy positions towards 1.46.
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