18 December 2020, GBP/USD
Wave Analysis
During the previous trading day, the British pound continued to the upperside but could not go beyond the upper trendline. On this chart, we are basically waiting for a bounce from the upper trendline should not breakout any higher. As it is now, we expect the current bearish price rally to be the continuation of a corrective wave count and could see price rally much lower towards 1.33190, A break below will mean we are continuing to the lowerside towards 1.31828 and could breakout much lower.
Trade Recommendations:
Sell a rebound from the upper trendline towards the lower trendline.
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