GBP/USD Forecast: long as the price remains below the upper trend line

rub-l12Wave Analysis

After the Monday’s Forecasts, the cable continues to slide lower and is still pretty much bearish. As long as the price remains below the upper trendline, we expect nothing but a possible momentum to the lowerside. We’re basically waiting for a pullback to the upperside to pick a low risk sell order with an ultimate target around 1.20244. On its way to the lowerside, the key lines to look for include 1.20960, 1.20605 and 1.20430. If the last target is broken, then a rally towards 1.20244 is expected.

Trade Recommendations:

Expect a possible momentum towards 1.20244.

Look for low risk sell orders towards 1.20244.

Origin: FreshForex

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