Expect sellers to dominate today | 28 May 2019
28 May 2019, GBP/USD
Wave Analysis
The cable is currently trading around 1.2669. As long as the price remains below the cloud formation, we expect nothing but a possible steep decline towards 1.24 or even lower. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside and may successfully break below 1.26310 or even lower. As it is on the 4 previous 4 hour chart, we're still in an active sell. The idea is to wait for retracements back to the upperside to pick low risk sell orders towards 1.24.
Trade Recommendations:
Remain short towards 1.24
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.
