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Wait and buy a rebound from the lower trendline.

Wait and buy a rebound from the lower trendline. | 28 September 2021

28 September 2021, GBP/USD

Wait and buy a rebound from the lower trendline.

Wave Analysis:

The British pound is currently rallying within a converging wedge formation. As long as the price does not clearly break below the lower trendline, we are waiting for a clear rebound from the lower trendline to pick a possible low risk buy position towards the upper trendline. A break below the same trendline will mean we are continuing to the lowerside with an ultimate target set around 1.32 and may extend even lower. The anticipated bearish price rally is the continuation of an impulsive wave count and should see price break beyond 1.30.
Trade Recommendations:
Wait and buy a rebound from the lower trendline.
Bob Stan
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