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Wait for a rebuy from around 1.2840.

Wait for a rebuy from around 1.2840. | 03 January 2020

03 January 2020, GBP/USD

Buy a break above the previous week's highest high towards 1.4485.

Wave Analysis

During the previous trading day, the cable pulled back to the lower side but is still above the level 1.2840. While the price is held above 1.2840, we expect further momentum to the upper side, we are waiting for a clear sign that the corrective wave (iv) is ended so that we buy the last impulsive wave (v) towards 1.4250, you conservative traders could wait for a break above the previous week's highest high to pick a possible buy order with the first take profit at 1.3545 and the next ideal take profit at 1.4250.

Trade Recommendations:

Wait for a rebuy from around 1.2840.

Bob Stan
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