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Wait for a bounce from the lower trendline to pick a low risk buy towards the upper trendline.

Wait for a bounce from the lower trendline to pick a low risk buy towards the upper trendline. | 16 April 2019

16 April 2019, GBP/USD

Wait for a bounce from the lower trendline to pick a low risk buy towards the upper trendline.

Wave Analysis

The cable is still confined within the rising channel formation but is currently approaching the supportive trendline. As long as the price remains above this trendline, we expect nothing but a possible momentum to the upperside. This view is only valid while the price is within this channel formation, any clear breakout below the supportive trendline will push the price steeply to the lowerside and should head straight towards 1.30020. On the otherside, should price ascend above 1.31420, then a move even higher is expected.

Trade Recommendations:

Wait for a bounce from the lower trendline to pick a low risk buy towards the upper trendline.

Trade CFD on NYSE, MOEX and NASDAQ corporate stocks without swap.

Bob Stan
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