GBPUSD. As long as the price remains above the upper trendline, look for buy orders. | 31 July 2019

31 July 2019, GBP/USD

Wave Analysis

Earlier today, the cable brokeout above the converging wedge formation and is still pretty much above the upper trendline. As long as the price remains above this trendline, we expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of the corrective three wave cycle and should breakout above the end of the first impulsive wave (a) and may head straight towards 1.22300, this view can only be invalidated in case the price breaks below the supportive trendline.

Trade Recommendations:

As long as the price remains above the upper trendline, look for buy orders.

Bob Stan
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