Wait for a bounce from 1.29869 to pick a possible buy position. | 20 January 2020

20 January 2020, GBP/USD

Wait for a bounce from 1.29869 to pick a possible buy position.

Wave Analysis

The cable continues to consolidate above 1.30168-1.29869. As long as the price remains above this zone, we are waiting for a bounce from within this zone to pick a possible low risk buy position. And on the flip side, should the price break and close below 1.29869. A break below this level will mean we are continuing to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and could break below 1.27860 towards 1.24860 or even lower.

Trade Recommendations:

Wait for a bounce from 1.29869 to pick a possible buy position.

Bob Stan
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