Wait | 19 November 2020

19 November 2020, GBP/USD

Remain on the sidelines

Wave Analysis

Yesterday, our stops were taken out when the price failed to break above the upper trendline. On this chart, since the previous day's candle was a sell candle, we expect further correction to the lower side and may head straight towards the lower red line. If the price breaks and closes above the upper red line, then we will be looking for more momentum to the upper side. the anticipated bullish price rally should be an extension to the last impulsive wave (E) to the upper side with an ultimate target at 1.33.

Trade Recommendation:

Wait

Bob Stan
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