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Remain short with an ultimate target around 1.21095.

Remain short with an ultimate target around 1.21095. | 22 May 2020

22 May 2020, GBP/USD

Remain short with an ultimate target around 1.21095.

Wave Analysis

The British pound continues to rally below the 52 Simple moving average. As long as the price remains below the SMA, I expect nothing but a possible momentum to the lowerside is expected towards 1.21095. The anticipated bearish price rally is the continuation of the impulsive wave (v) and could break and close below 1.21095 towards 1.20365. This view can only be invalidated in case the price breaks and closes above 1.23045, if this is the case then further momentum to the upperside is expected with an ultimate target around 1.24290. Trade Recommendations:

Remain short with an ultimate target around 1.21095.

Bob Stan
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