GBP/USD Forecast: expect the bounce from 1.20725

news_22_feb_2_gbp_usdWave Analysis

After hitting the lows of 1.20725, the cable is currently correcting itself to the upperside, we expect the bounce from 1.20725 to have marked an end to the previous impulsive waves (5) and (v), that the current bullish price rally is the continuation of a corrective three wave cycle and should break above 1.25540 towards 1.28780. This view can only be invalidated in case the price fails to break above 1.27160, if this is the case, then we’ll expect bearish rally back to the recently established support level 1.20725.

Trade Recommendations:

We’re upwards towards 1.27160.

Origin: FreshForex

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