GBP/USD Forecast: cable moved perfectly to the lower side

gbp2Wave Analysis

During the previous trading day, the cable moved perfectly to the lowerside but could not go beyond the supportive trendline. Any clear bounce from this trendline will mark an end to the corrective three wave cycle and could mean we’re continuing to the upperside. This view can only be invalidated in case the price breaks below the supportive trendline, if this is the case, then we will be continuing short with the impulsive wave (c) to the lowerside but should first break below 1.2765 towards 1.2675.

Trade Recommendations:

Buy a bounce from the supportive trendline with your take profit at 1.2990.

Buy a bounce from the supportive trendline with your take profit at 1.2990.

Origin: FreshForex

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