GBP/USD Forecast: expect a possible extension of the impulsive wave

news_22_feb_2_gbp_usdWave Analysis

Just as in euro, instead of rallying to the upper side, The cable declined steeply and even went below the weekly support level 1.31896. This was a significant move and as long as the price remains below 1.31, we expect a possible extension of the impulsive wave (c) to the lowerside and should break below 1.329 but should not go lower than 1.2725. This is not to say this level, but a break below this level, will likely push the price steeply to the lower side with the next ultimate target at 1.20000.

Trade Recommendation:

Remain short.

Origin: FreshForex

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