GBPUSD. Sellers yet to come back | 08 Agustus 2019

08 Agustus 2019, GBP/USD

GBPUSD. Sellers yet to come back

Wave Analysis

Since the begining of this week, the cable has been consolidating within the converging wedge formation. We're waiting for clear breakout below the supportive trendline to pick a long term sell order. A break below this supportive trendline will push the price even further to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (v) and should break below the previous week's lowest low with an ultimate target at 1.20185 or even lower towards 1.20.

Trade Recommendations:

We're waiting for a break below the supportive trendline to pick a long term sell towards 1.20185.

Bob Stan
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