Sell the cable from the upper trendline, or below 1.29630. | 10 May 2019
10 May 2019, GBP/USD
Wave Analysis
Yesterday, the cable pulled back to the upperside but failed to rise above 1.1040-1.30341, as long as the price remains below this level and also below the upper resistive trendline, we expect a possible steep decline towards 1.29505, the idea is to wait for a possible pullback to the upperside to pick a low risk sell order. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should break below 1.29630 towards 1.28. If you're a bit skeptic to look for a sell order you could wait and sell a break below the recently lowest low.
Trade Recommendations:
Sell the cable from the upper trendline, or below 1.29630.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
