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Buy a bounce from the lower trendline.

Buy a bounce from the lower trendline. | 16 September 2020

16 September 2020, GBP/USD

Buy a bounce from the lower trendline.

Wave Analysis

Currently within a larger contracting wedge formation. On this chart, should the price bounce off from the lower trendline, then this will be a good place to consider a possible long term buy position towards the upper trendline. A break and close below the lower trendline will push the price much lower towards 1.27910. A breakout above the upper trendline may push the price much higher with an ultimate target set around 1.30320. On its way upwards, the key levels to look for include 1.29715.

Trade Recommendations:

Buy a bounce from the lower trendline.

Bob Stan
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