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We're on the sidelines.

We're on the sidelines. | 18 August 2022

18 August 2022, GBP/USD

Wave Analysis:

During the previous trading day, the British pound failed to continue to the upperside, instead the price pulled back to the lowerside but is still above 1.20211-1.20113. As long as the price does not clearly break and close below this zone, we are going to be waiting on the sidelines, we want to see a clear breakout below this zone, to pick a low risk buy position with an ultimate target set at 1.22927-1.22760 and may likely extend much higher. On the otherside, should the price break and close below this zone, then we will be looking for a possible long term sell position towarrds 1.17840.
Trade Recommendations:
We're on the sidelines.
Bob Stan
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