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Look for low risk sell orders towards 1.20244.

Look for low risk sell orders towards 1.20244. | 19 August 2019

19 August 2019, GBP/USD

Look for low risk sell orders towards 1.20244.

Wave Analysis Despite the previous week’s forecast that this pair could continue to the lowerside, the cable pulled back to the upperside but failed to breakout above the upperside. We expect the bounce from the upper trendline to have marked an end to the corrective three wave cycle, that any clear bearish signs will mean we’re continuing to the lowerside with the next ultimate target being 1.20244. A break below this target will push the price even further to the lowerside towards 1.2000. This view can only be invalidated in case the price breaks above the upper trendline, if this is true, then further momentum to the upperside is expected. Trade Recommendations: Look for low risk sell orders towards 1.20244.

Bob Stan
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