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Sell a rebound from around 1.32330 towards 1.30920.

Sell a rebound from around 1.32330 towards 1.30920. | 27 Agustus 2020

27 Agustus 2020, GBP/USD

Wave Analysis

After bouncing off of the supportive trendline, the British pound continued to the upperside and is still pretty much bullish on the 4 hours chart, However, we are expecting a possible bounce from the upper trendline to pick a low risk sell position towards the lower trendline. The anticipated bearish price rally is the continuation of the last impulsive wave (c) to the lowerside and could break below the supportive trendline towards 1.29980. In case the price breaks above the inner upper trendline, then this will be a good place to consider a long term buy position.

Trade Recommendations:

Sell a rebound from around 1.32330 towards 1.30920.

Bob Stan
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