We're on the sidelines | 16 November 2021
16 November 2021, GBP/USD
Wave Analysis
During the previous trading week, we saw a surge to the lowerside, however, earlier this week, the British pound pulled back to the upperside and is still showing signs of continuing much higher. On this chart, we're strictly sellers, and we expect the current pullback to be a correction of the last impulsive wave (V) to the upperside but should not break above the upper trendline. If the price breaks below the previous week's lowest low, then we'll dive into a long term sell position.
Trade Recommendations:
We're on the sidelines
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
