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We're waiting for a rebound from the upper trendline to pick a possible long term sell position towards 1.3705.

We're waiting for a rebound from the upper trendline to pick a possible long term sell position towards 1.3705. | 29 October 2021

29 October 2021, GBP/USD

Wave Analysis

During the previous trading day, instead of continuing to the lowerside as previously anticipated, the British pound continued to the upperside and is currently around the upper trendline. If the price can break and close above this trendline, then we will be looking for a possible long term buy position with an ideal target set at 1.3829. And if the price rebounds from the same trendline from the lowerside, we'll be looking for a possible long term sell position.

Trade Recommendations:

We're waiting for a rebound from the upper trendline to pick a possible long term sell position towards 1.3705.

Bob Stan
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