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Wait for a bounce from the upper trendline to pick a sell.

Wait for a bounce from the upper trendline to pick a sell. | 22 Abril 2020

22 Abril 2020, GBP/USD

Wait for a bounce from the upper trendline to pick a sell.

Wave Analysis

Yesterday, the British Pound rallied intensly to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. Following the break below the supportive trendline, we expect nothing but a possible momentum to the lowerside, the ideal is to wait for a correction of both the impulsive five wave cycles then pick a long term sell orders. A break and close below 1.22540 will be a good confirmation that we are continuing to the lowerside with an ultimate target around 1.21.

Trade Recommendations:

Wait for a bounce from the upper trendline to pick a sell.

Bob Stan
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