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We are sellers towards 1.1830.

We are sellers towards 1.1830. | 16 Junio 2022

16 Junio 2022, GBP/USD

Wave Analysis:

This pair is currently trading in a contracting wedge formation, the price has been trading within the upper and the lower trendline for sometime now. Recently the price rebounded from the impulsive wave cycle three towards the upper side at the corrective wave cycle four. Right now the price is on the upper trendline, I expect it to bounce off towards the lower trendline around 1.1830 in continuation of the impulsive wave cycle five. On the flipside, should the price break above the upper trendline then the bulls will be in control but as of now the bears are in control.

Trade Recommendations:

We are sellers towards 1.1830.

Bob Stan
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