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Expect a possible sell from around 1.31604.

Expect a possible sell from around 1.31604. | 18 August 2020

18 August 2020, GBP/USD

Expect a possible sell from around 1.31604.

Wave Analysis

Earlier today, the British pound continued to the upper side but is currently approaching a significant resistance level 1.31604. This is a key level and while the price is not able to clearly breakout and close above it, we are expecting a possible bounce from it to pick a low risk sell position. Basically, we are waiting for a bounce from 1.31604 to mark and end to the corrective wave (b) and the beginning of the last impulsive wave (c) to the lower side and should break below 1.29770 towards 1.29300.

Trade Recommendations:

Expect a possible sell from around 1.31604.

Bob Stan
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