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Wait for a bounce from the upper trendline to pick a sell position.

Wait for a bounce from the upper trendline to pick a sell position. | 21 June 2019

21 June 2019, GBP/USD

Wait for a bounce from the upper trendline to pick a sell position.

Wave Analysis

The cable is currently trading within a descending channel formation. As long as the price remains within this shape formation, we expect a steep decline towards the support level 1.24925. A breakout below this level will push the price steeply to the lowerside and should go beyond 1.24000 or even lower. This view can only be invalidated in case the price breaks above the upper trendline, if this is true, then we expect further momentum to the upperside with the next ideal target being 1.28800.
Trade Recommendations:
Wait for a bounce from the upper trendline to pick a sell position.
Bob Stan
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