Wait for a pullback to pick a buy position. | 26 May 2020

Wave analysis

Instead of continuing to the lower side, the British pound rallied to the upper side and even went above the upper trend line, while the price is held above this trend line, I expect nothing but a possible momentum to the upper side, we are waiting for the corrective wave (b) to pullback to the lower side so that we buy the last impulsive wave (c) with an ideal target around 1.23430. If you are looking at this chart now, we recommend looking for low risk buy orders. But on the flip side, should the price break and close below the immediate trend line, then we expect a possible momentum to the lower side.

Trade Recommendations:

Wait for a pullback to pick a buy position.