GBP/USD Forecast: waiting for a bounce from the supportive trend line

gbp_news_cmc_forex_1Wave Analysis

The cable is currently trading within a contracting wedge formation. As long as the price is contained between the two lines forming this wedge, we’re only interested in trading reversals, basically, we’re waiting for a bounce from the supportive trendline to buy the last impulsive wave (5) to the upperside, or a bounce from the upper trendline to pick a sell order. As it on the hourly chart, we recommend looking for a low risk buy order upon a bounce from the supportive trendline towards 1.27350.

Trade Recommendations:

We’re looking for a low risk buy order towards 1.27350.

We're looking for a low risk buy order towards 1.27350.

Origin: FreshForex

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