04 May 2020, GBP/USD
Wave Analysis
The impulsive wave (c) continued to the lower side and is still pretty much bearish. According to the hourly chart attached, we are waiting for a clear breakout below Friday's lowest low to pick a long term sell order with an ultimate target around 1.22495 On its way to the lower side, the key levels to look for include 1.24040, 1.23600 and 1.23380. And on the flip side, should the price break and close above the previous week's highest high, then this will give us an ideal place to consider a long term buy position.
Trade Recommendations:
Remain short with your target at 1.22495.
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