07 April 2021, GBP/USD
Wave Analysis
The British pound is currently within a contracting wedge formation. While the price remains below the upper trendline, we expect nothing but a possible momentum to the lowerside and should breakout below the lower trendline towards 1.35500 or even lower. On the flip side, should the price breakout above the upper trendline, then further momentum to the upper side is expected with an ultimate target set around 1.395500 and could breakout much higher towards 1.41980.
Trade Recommendations:
Expect a possible sell position from 1.37930 towards 1.35500.
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