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Remain short with an ultimate target at 1.27300.

Remain short with an ultimate target at 1.27300. | 20 November 2020

20 November 2020, GBP/USD

Remain on the sidelines

Wave Analysis

After a rally to the lowerside during the previous trading day, the British pound continues to move much lower. On this chart, we are looking for long term sell positions. Basically, we are expecting price to continue to the lowerside towards the lower trendline and may likely break below it. As it is now, we are on a sell we took previously, our stop loss is fixed above this week's highest high and take profit is fixed along the lower trendline. Should the price break below this trend line, we will continue short towards 1.28000.

Trade Recommendations:

Remain short towards 1.27300.

Bob Stan
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