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Wait for a possible rebound from 1.28830 to pick a possible long term buy towards 1.33342.

Wait for a possible rebound from 1.28830 to pick a possible long term buy towards 1.33342. | 18 February 2020

18 February 2020, GBP/USD

Wave Analysis

Instead of continuing to the upperside, the cable pulled back to the lowerside but is still above the level 1.28830. We expect the downward rally which began yesterday to be a correction but should not go beyond 1.28830, a bounce from this level will mark an end to the corrective wave (4) and could mean we are continuing to the upperside with the impulsive wave (5) towards 1.33342 and could breakout much higher towards 1.41250. A break below 1.28830 will push the price to the lowerside towards 1.20550.

Trade Recommendations:

Wait for a possible rebound from 1.28830 to pick a possible long term buy towards 1.33342.

Bob Stan
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