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Wait and sell a break below 1.17708 towards 1.14.

Wait and sell a break below 1.17708 towards 1.14. | 29 August 2022

29 August 2022, GBP/USD

Wave Analysis:

Yesterday, the British pound rallied to the lowerside and is now showing signs of breaking and closing below the level 1.17708. If this level is broken, then we expect the impulsiive wave (5) to extend to the lowerside and may see the price continue much lower towards 1.14 or even lower. As it is right now, keep looking for long term sell positions. Otherwise, if the price bounces off from the same level, then we will be looking for a pullback towards 1.21650.

Trade Recommendations:

Wait and sell a break below 1.17708 towards 1.14.

Bob Stan
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