Remain short towards 1.20855. | 20 May 2020
20 May 2020, GBP/USD
Wave Analysis
During the previous few days the cable continued to the upperside, went above the Alligator indicator, but is yet to clearly break above the 50 Simple moving average, we expect this SMA to act as Dynamic resistance to any moves to the upperside, that any clear bounce from it will be an end to the corrective wave (iv) that any clear movements to the lowerside is the continuation of the impulsive wave (v) to the lowerside and should break below 1.20855 towards 1.20. This view can only be invalidated in case the price breaks and closes above the 50 SMA above.
Trade Recommendations:
Remain short towards 1.20855.
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.
