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sell a rejection from 1.30404 towards 1.29381.

sell a rejection from 1.30404 towards 1.29381. | 05 November 2020

05 November 2020, GBP/USD

Wave Analysis

Earlier today, the British pound bounced off from the supportive trendline, headed straight to the upperside but is currently bouncing off from the level 1.30404. This is a significant level and while the price is not able to break and closes above it, we are on the sidelines, we are waiting for a clear rejection from this level to pick a sell position,. a break and close above it will push the price to the upper side with an ultimate target set around 1.31185. A breakout above this level will push the price towards 1.35 or even higher.

Trade Recommendations:

Scalpers may sell a rejection from 1.30404 towards 1.29381.

Bob Stan
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