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

rub-l12Wave Analysis

The cable is currently trading around 1.03186. The price is below a key weekly line 1.31820 and while the price is contained below this line, we expect a possible correction of the main impulsive wave (c) to the lowerside but should not go beyond 1.27308 where we’ll be looking to rebuy the last impulsive wave (b) with an ultimate target at 1.45206. This view can only be invalidated in case the price breaks below 1.26781, if this is the case, then we’ll expect a possible steep decline towards 1.21310.

Trade Recommendations:

Wait for a possible short term sell towards 1.26781.

Wait for a possible short term sell towards 1.26781.

Origin: FreshForex

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