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Remain long with an ultimate target around 1.33342.

Remain long with an ultimate target around 1.33342. | 05 Febrero 2020

05 Febrero 2020, GBP/USD

Remain long with an ultimate target around 1.33342.

Wave Analysis

During the previous trading day, the cable failed to break and close below 1.30223, we expect the bounce from this level to have marked an end to the corrective wave (4), that the current bullish price rally is the continuation of the impulsive wave (5) and should break above 1.33342 towards 1.41700. The idea is to wait for a pullback towards 1.30223 to pick a long term buy order. This view can only be invalidated in case the price breaks and closes below 1.30223, if this is the case, then a momentum to the lowerside is expected.

Trade Recommendations:

Remain long with an ultimate target around 1.33342.

Bob Stan
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