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Wait to rebuy the cable upon a bounce from the upper trendline.

Wait to rebuy the cable upon a bounce from the upper trendline. | 23 August 2019

23 August 2019, GBP/USD

Wave Analysis

During the previous trading day, the cable could not be contained by the rising wedge formation. The pair rose intensely to the upperside and is still very much bullish both on the daily and weekly charts. As long as the price remains above the wedge formation, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of an impulsive wave count and should break above the level 1.22650 towards 1.22825 towards 1.330 or even higher.

Trade Recommendations:

Wait to rebuy the cable upon a bounce from the upper trendline.

Bob Stan
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