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Wait for a sell from the upper trendline.

Wait for a sell from the upper trendline. | 24 Juli 2020

24 Juli 2020, GBP/USD

Wait for a sell from the upper trendline.

Wave Analysis

According to the chart attached, the British pound is currently in an active up trend. As long as the price remains above the 61.8% fib level, we expect further momentum to the upper side but should not go beyond the upper trend line. The anticipated bullish price rally is the continuation of the impulsive wave (E) but should not go above the upper trend line. If this trendline is broken, then we are likely to see a surge to the upper side towards the swing high 1.32240. A bounce from it will call for a short position.

Trade Recommendations:

Wait for a sell from the upper trend line.

Bob Stan
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