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Remain long towards 1.29869.

Remain long towards 1.29869. | 02 October 2020

02 October 2020, GBP/USD

Remain long towards 1.29869.

Wave Analysis

Yesterday, the British pound rallied massively to the upperside after testing the lower trendline. We expect the rebound from around 50.0% fib level to have marked an end to the corrective wave (D) that the current move to the upperside is the continuation of the impulsive wave (E) to the upperside and should breakout beyond 1.29869 towards 1.30685 or even higher. And on the flip side, should the price breakout below the level 50.0% fib level, then this may be a good place to consider a low risk sell position towards 1.27005.

Trade Recommendations:

Remain long towards 1.29869.

Bob Stan
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