17 May 2021, GBP/USD
Weekly Review
Last week, the British pound gained value significantly but ended up pulling back to the lowerside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should break above 1.43390 or even higher. If you are looking at this chart right now, we recommend looking for buying positions towards 1.48960. On this chart, sell positions looks a bit risky at the moment and may not be recommended unless the price breaks and closes below the lower trendline. If this is the case, then further momentum to the lowerside is expected.
Trade Recommendations:
Remain long towards 1.46.
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