GBP/USD Forecast: bullish price rally is the continuation of the impulsive wave

gbp2Wave Analysis

The cable is currently trading around 1.29271. Around 1.2927 is a major support area and while the price is not able to slide below 1.28450, we’re waiting for a possible bounce from this level to pick a possible long term buy order towards 1.33342. The anticipated bullish price rally is the continuation of the impulsive wave (5) and should proceed much higher towards 1.42450. This view can only be invalidated in case the price breaks below 1.28450, if this is the case, then further momentum to the lower side is expected.

Trade Recommendations:

Waiting for a possible long term buy from around 1.28450.

Origin: FreshForex

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