Look for low risk sell positions towards 1.20360. | 28 May 2020

Wave Analysis

During the previous trading day, the British pound bounced off from the upper trendline, headed to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the upper trend line, we expect the bounce from the upper trend line to be the end of both the corrective wave (iv) and the corrective three wave cycle, that the current bearish price rally is the continuation of the impulsive wave (v) to the lower side towards 1.21220. A break below this level will push the price much lower towards 1.20360.

Trade Recommendations:

Look for low risk sell positions towards 1.20360.