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GBPUSD. Wait for a low risk buy signal towards the upper trendline.

GBPUSD. Wait for a low risk buy signal towards the upper trendline. | 09 Agosto 2019

09 Agosto 2019, GBP/USD

GBPUSD. Wait for a low risk buy signal towards the upper trendline.

Wave Analysis

The cable is still rallying within the diverging wedge formation. As long as the price remains within this shape formation, we're only interested in trading reversals. As it is on the 4 hours chart attached, we;re waiting for a clear bounce from the supportive trendline to pick a long term buy order. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should head straight towards the upper trendline. This view can only be invalidated in case the price breaks below the lower trendline.

Trade Recommendations:

Wait for a low risk buy signal towards the upper trendline.

Bob Stan
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