Wait for a low risk buy position towards 1.33342. | 07 February 2020
07 February 2020, GBP/USD
Wave Analysis
During the previous trading day, the cable bounced off from the supportive line 1.28890 and could not break any low, we expect this bounce to have marked an end to the corrective wave (4) that the current bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above 1.33342 towards 1.43320. This view is only valid as long as the price is held above the daily support 1.28890, if the price closes below this line, then I will expect price to move mush lower towards 1.20550.
Trade Recommendations:
Wait for a low risk buy position towards 1.33342.
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.
