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Wait for a possible short term sell towards 1.24450.

Wait for a possible short term sell towards 1.24450. | 02 March 2020

02 March 2020, GBP/USD

Waiting for a possible buy from around 1.28500.

Wave Analysis

During the previous trading day, the cable continued to the lower side but is currently pulling back to the lowerside. As long as the price remains below 1.2867, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the corrective wave (4) to the lowerside and could push the price to the lower side. This view can only be invalidated in case the price breaks and closes above 1.28678, if this is the case, then further momentum to the upper side is expected.

Trade Recommendations:

Wait for a possible short term sell towards 1.24450.

Bob Stan
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