GBP/USD Forecast: expect nothing but a possible momentum to the lower side

gbp3Wave Analysis:

Since the beginning of this month, the cable has been in an active downtrend and is still pretty much bearish both on the daily and the weekly charts. As it is on the hourly chart, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should first breakout below 1.24484 before a move further to the lowerside is seen. And on the flip side, should price bounce from the level 1.24484, then this will be an ideal place to look for a long term buy order.

Trade Recommendations:

Sell a breakout below 1.24484 towards 1.24340.

Origin: FreshForex

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