GBP/USD Forecast: expect this downward rally to be a mere correction of the impulsive wave

eu-l13Wave Analysis

Since the beginning of this week, no significant move has been seen towards our target. We expect this downward rally to be a mere correction of the impulsive wave (v) but should not go beyond the short term support level 1.3454. As long as the price remains above this level, this is a good buy location. If you are not long already, you could wait and rebuy the cable around 1.3454 or above 1.3588. The latter seems much better and can be recommended, if this price breakout above 1.3588, then this is an ideal place to buy the cable. On the daily chart above, I can only recommend buying the cable above 1.3588, or sell upon a rebound from 1.3588.

Trade Recommendations:

Wait a buy the cable upon a break above 1.3588 towards 1.4599.

Origin: FreshForex

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