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

news_22_feb_2_gbp_usdWave Analysis

Since 9th May, the cable has been in an active downtrend and is still pretty much bearish both on the 4 hours and the weekly charts. The opening of this week has seen the cable rise tremendously but is still bearish in the lowerside. As long as the price remains below the upper resistance cloud formation, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside and should breakout below 1.25480 towards 1.24 or even lower.

Trade Recommendations:

Wait

The cable in a corrective mode

Origin: FreshForex

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