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We're waiting for a rebound from the upper trendline to pick a possible long term sell position.

We're waiting for a rebound from the upper trendline to pick a possible long term sell position. | 19 October 2021

19 October 2021, GBP/USD

We're waiting for a rebound from the upper trendline to pick a possible long term sell position.

Wave Analysis:

So far, the British pound is not able to clearly break above the upper trendline. While the price remains below the upper trendline, we are looking for a possible rebound from it to pick a possible long term sell position. On the flipside, should the price break and close above upper trendline, we expect nothing but a possible momentum to the upperside. This is the continuation of an impulsive wave count and could see the price break above 1.39094 and may continue much higher towards 1.41995 or even higher. On the lower side, a rebound from the same trendline will mean we're sellers towards 1.34101 and may extend much lower.
Trade Recommendations:
We're waiting for a rebound from the upper trendline to pick a possible long term sell position.
Bob Stan
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