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GBPUSD. Wait for a sell from 1.25645 towards 1.24755.

GBPUSD. Wait for a sell from 1.25645 towards 1.24755. | 08 July 2019

08 July 2019, GBP/USD

GBPUSD. Wait for a sell from 1.25645 towards 1.24755.

Wave Analysis:
Following the bounce from 1.25939, the cable has been in active downtrend and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below 1.25645, we expect nothing but a possible momentum to the lowerside, the idea is to wait for retrecments back to the lowerside to pick a low risk sell orders, Conservative traders should wait for a breakout below Friday;s lowest low to pick a long term sell order with an ultimate target at 1.24 or even lower. As it is, buy positions looks very risky and cannot be recommended.
Trade Recommendations:
Wait for a sell from 1.25645 towards 1.24755.
Bob Stan
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