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Expect a possible momentum towards the supportive trendline.

Expect a possible momentum towards the supportive trendline. | 28 August 2019

28 August 2019, GBP/USD

Expect a possible momentum towards the supportive trendline.

Wave Analysis

After breaking above the level 1.2220, the cable moved massively to the upperside and is still pretty much bullish both on the hourly and the 4 hours charts. As long as the price is contained within the rising channel formation, we expect nothing but a possible momentum to the upperside. As it is, we expect a possible correction towards the lower trendline before we pick a long term buy towards 1.23120 or even higher. This view can only be invalidated in case the price breaks below the supportive trendline.

Trade Recommendations:

Expect a possible momentum towards the supportive trendline.

Bob Stan
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