05 августа 2019, GBP/USD
Wave Analysis
After a drastic decline in July this year, the cable is current correction itself to the upperside. We expect the bounce from 1.20930 seen last week to be the end of the impulsive five wave cycle, that the current bullish price rally is the unfolding of a corrective three wave cycle and should not go beyond 1.22555. If this target is broken, then further momentum even higher is expected. And on the flip side, should price break below 1.20930, then we'll expect further momentum to the lowerside.
Trade Recommendations:
We're in a corrective mode towards 1.22555
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