27 December 2019, GBP/USD
Wave Analysis
After sharp decline, the cable established a support around 1.2930 and could not head any lower, we expect the bounce from 1.2930 to have marked an end to the impulsive wave (a), that the current bullish price rally is the continuation of the corrective wave (b) to the upper side but should not go beyond 1.3110. If the price breaks beyond this level, then further momentum to the upper side is expected, but in case the price bounces off from 1.3110, then this will give us a good place to pick a long term, sell order.
Trade Recommendations:
Expect further bullish correction towards 1.3110.
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