Wait | 12 May 2020

Wave Analysis

According to the previous day's forecasted, we expect the British pound to continue to the upper side but instead, the pair rallied to the lower side but is yet to clearly break below the supportive trend line. As long as the price remains above this trendline, we will be looking for long term buy orders. The anticipated bullish price rally is the continuation of the Corrective wave (D) but should not go beyond the upper trend line, should the price bounce off from this trendline, then we will be selling the last impulsive wave (E), this view can only be invalidated in case the price breaks below the supportive trend line.

Trade Recommendations:

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