Wait for a sell around 1.25027. | 05 May 2020
05 May 2020, GBP/USD
Wave Analysis
Yesterday, the British pound reached the lows of 1.24000 before bouncing back to the upper side, we expect the current bullish price rally to be a correction to the upper side but should not go beyond 1.25027. As it is now, we expect further momentum to the upper side, towards 1.25027 where we'll be looking for a low risk sell order. The idea is to look for a sell from around 1.25027 with our stop loss above 1.26010. With this sell position, we expect a possible momentum towards 1.2400 and could breakout much lower towards 1.23110.
Trade Recommendations:
Wait for a sell around 1.25027.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
