Wait and buy a rebound from 1.20211-1.20113 and have your take profit at 1.22927 | 16 August 2022

16 August 2022, GBP/USD

Wait and buy a rebound from 1.20211-1.20113 and have your take profit at 1.22927

Wave Analysis:

The British pound is currently rallying around a significant 1 hour support zone 1.20211-1.20113. As long as the price does not clearly break and close below this zone, we are waiting for a break beyond it to pick a possible long term sell position towards 1.18675. If the price breaks and closes below it, then we will be expecting further momentum much lower. On this chart, we are basically buyers towards 1.22927-1.22760 and may break above it.
Trade Recommendations:
Wait and buy a rebound from 1.20211-1.20113 and have your take profit at 1.22927
Bob Stan
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