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Wait for a bounce from the supportive trendline to pick a low risk buy position.

Wait for a bounce from the supportive trendline to pick a low risk buy position. | 24 August 2020

24 August 2020, GBP/USD

Wait for a bounce from the supportive trendline to pick a low risk buy position.

Wave Analysis

The British pound continues to consolidate in an upwards manner. While we're seeing sustenance within the two trendline, we expect nothing but a possible momentum to the upperside, then current move we are seeing to the lowerside is just but a correction to the lowerside but should not go below the supportive trendline. In case the price breaks and closes below the supportive trendline, then this will be a good chance to keep looking for long term sell position with an ultimate target around 1.27600.

Trade Recommendations:

Wait for a bounce from the supportive trendline to pick a low risk buy position.

Bob Stan
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