05 November 2020, GBP/USD
Wave Analysis
Earlier today, the British pound bounced off from the supportive trendline, headed straight to the upperside but is currently bouncing off from the level 1.30404. This is a significant level and while the price is not able to break and closes above it, we are on the sidelines, we are waiting for a clear rejection from this level to pick a sell position,. a break and close above it will push the price to the upper side with an ultimate target set around 1.31185. A breakout above this level will push the price towards 1.35 or even higher.
Trade Recommendations:
Scalpers may sell a rejection from 1.30404 towards 1.29381.