We're sellers from the upper trendline towards 1.34101. | 14 Octubre 2021
14 Octubre 2021, GBP/USD
Wave Analysis:
During the previous trading day, the British pound rallied to the upperside but failed to hit the upper trendline. We expect the previous day's upward move to be a continuation of the a correction of the last impulsive wave (c) but should not go beyond the upper trendline. If the price breaks and closes above the upper trendline, then this could be a good place to consider a possible long term buy position towards 1.40670 and may continue much higher. In case the price rebound from the upper trendline, then this could be a good place to consider a possible long term sell position towards 1.34101. A break below this level will push the price much lower towards 1.27370 and may continue much lower.
Trade Recommenddations:
We're sellers from the upper trendline towards 1.34101.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
