GBPUSD. Buy a bounce from the supportive trendline. | 07 Agustus 2019

07 Agustus 2019, GBP/USD

Wave Analysis

The cable is currently trading within a rising channel formation. While the price is contained within this channel, we expect a spike even higher. The best place to pick trade on this pair is to wait for a bounce from the supportive trendline to pick a low risk buy order. But in case price breaks below this supportive trendline, I expect a possible rally to the lowerside. And should price break above 1.22105, then this will be an ideal place to look for a long term buy towards 1.22605.

Trade Recommendations:

Buy a bounce from the supportive trendline.

Imelda Maseno
Analyst of «FreshForex» company
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