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Remain short towards the lower trendline.

Remain short towards the lower trendline. | 07 December 2020

07 December 2020, GBP/USD

Remain short towards the lower trendline.

Wave Analysis

Late last week, the British pound bounced off from the upper trendline, headed straight to the lowerside and is still pretty much bearish. On this chart, we are looking for long term sell positions towards the lower trendline. If the price breaks and closes below the lower trendline, then futher momentum to the lowerside is expected with an ultimate target set around 1.33080-1.32907. If the price breaks and closes below 1.32907, then this will be a good place to consider further momentum to the lowerside.

Trade Recommendations:

Remain short towards the lower trendline.

Bob Stan
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