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Wait and sell a rebound from the upper trendline.

Wait and sell a rebound from the upper trendline. | 03 September 2021

03 September 2021, GBP/USD

Wait and sell a rebound from the upper trendline.

Wave Analysis:

During the previous trading day, the British pound rallied to the upperside but could not break above the upper trendline. As long as the price remains below the upper trendline, we are looking for a possible long term sell position. This is the continuation of an impulsive wave count and should see the price break below the lower trendline. As it is right now, we are looking for a possible long term sell position. On the flipside, should the price break above the upper trendline, the upper trendline, then we will be looking for the possibility that the price may extend much higher.
Trade Recommendations:
Wait and sell a rebound from the upper trendline.
Bob Stan
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