06 августа 2019, GBP/USD
Wave Analysis
Since 1st August this year, the cable has been rallying within an ascending but contracting wedge formation. As long as the price remains within this wedge formation, we're only interested in trading reversals, a bounce from the upper trendline will attract a sell,, while a bounce from the lower trendline will attract a buy. The anticipated bullish price rally is the continuation of the impulsive wave (v) and should stretch further to the upperside but should not go above the upper trendline. This view can only be invalidated in case the price breaks below the supportive trendline.
Trade Recommendations:
Look for buy orders towards 1.21900.
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