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We're on the sidelines.

We're on the sidelines. | 11 August 2022

11 August 2022, GBP/USD

Wave Analysis:

The British pound is struggling around 1.24101. As long as the price does not clearly break and close below this zone on the monthly chart, we expect nothing but a possible rebound from it to pick a possible long term buy position. Otherwise, a clear breakout and close below it will attract a possible long term sell position with an ultimate target set at 1.06197 and may likely break much lower. On this chart, sell positions are not advised, I recommend you remain on the sidelines.
Trade Recommendations:
We're on the sidelines.
Bob Stan
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