Wave Analysis
For the past six months, the price of GBPUSD has been rising making higher lows. This upward momentum is bound to correct the previous downward impulsive five wave cycle which ended at the monthly support level 1.2106 – 1.2081. We are now in the first phase of the impulsive wave (E) which is expected to extend up to 1.4740. Price is now approaching a daily resistance level 1.3428 – 1.3477 hence we should be buying.. If this level is broken, price could rally further upwards towards 1.4091 then to 1.4740. If you are hesitant to buy now, wait for price to break this resistance level and re-buy towards 1.4091.
Trade Recommendations.
Buy GBPUSD now towards 1.4740.
Origin: FreshForex
