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GBPUSD. Buy a bounce from the supportive trendline towards 1.25565

GBPUSD. Buy a bounce from the supportive trendline towards 1.25565 | 09 July 2019

09 July 2019, GBP/USD

GBPUSD. Buy a bounce from the supportive trendline towards 1.25565

Wave Analysis:

The cable is currently trading within an expanding wedge formation. The pair overall, is in a downtrend, but as it is on the hourly chart, we're expect a possible correction to the uppersiude before we see an active move to the lowerside. Ideally, we're waiting for a bounce from the lower trendline to pick a low risk buy position with an ideal target along the upper trendline. And should price breakout to the lowerside, especially below 1.24915, then this will be an ideal place to look for a long term sell order towards 1.2475.

Trade Recommendations:

Buy a bounce from the supportive trendline towards 1.25565

Bob Stan
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