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Wait for a possible sell from the upper trendline towards 1.21720.

Wait for a possible sell from the upper trendline towards 1.21720. | 01 July 2020

01 July 2020, GBP/USD

Wave Analysis

After yesterday's pullback to the upper side, the pair could not breakout above the upper trend line, as long as the price remains below the upper trend line, we expect the cable to continue to the lower side and should break below 1.21720. The current move to the upper side is a mere correction and should not break above the upper trend line. However, in case the price breaks and closes above this trend line, then further momentum to the upper side is expected with an ultimate target around 1.25830.

Trade Recommendations:

Wait for a possible sell from the upper trend line towards 1.21720.

Bob Stan
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