GBP/USD Forecast: bearish price rally is the continuation of the impulsive wave

gbp_cfd_1Wave Analysis

Just as in Euro, the cable continues to loose value against the United states dollar but is still above the weekly support level 1.31896. This is a key level and as long as it protects the upper side, we expect a possible rally to the upper side. This view can only be invalidated in case the price breaks below 1.31896, if this is the case, then we’ll expect a rally to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 1.27252.

Trade Recommendations:

Wait for a clear buy around 1.31896

Wait for a clear buy around 1.31896

Origin: FreshForex

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