08 February 2021, GBP/USD
Wave Analysis
Euro is currently in an active up trend. While the price remains within the rising wedge formation, we expect nothing but a possible momentum to the upperside. If you are on this chart, expect further momentum to the upperside with an ultimate target set at 1.37780. If the price breaks and closes above the upper trendline then further momentum to the upperside is expected with an ultimate target set at 1.39. On the flipside, should the price rebound from the upper trendline, then this will be a good place to consider a possible sell position.
Trade Recommendations:
Remain long towards 1.37780.
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