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We're looking for buy positions towards 1.31920.

We're looking for buy positions towards 1.31920. | 12 August 2022

12 August 2022, GBP/USD

We're looking for buy positions towards 1.31920.

Wave Analysis:

On the monthly chart attached, the British pound is currently rallying to the upperside after a bounce from the monthly supportive zone shown above. We expect this bullish move to be an extension of a correction to the upperside and may see the price break above 1.27725 and may likey continue much higher. On this chart, buy positions looks ideal. In case, the price breaks and closes below the previous month's lowest low, then further momentum to the lowerside is expected towarrds 1.10945.
Trade Recommendations:
We're looking for buy positions towards 1.31920.
Bob Stan
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