Wave Analysis
The British pound is currently in an active downtrend, while the price is held below the Alligator trend indicator attached, I expect nothing but a possible momentum to the lower side, the anticipated bearish price rally is the continuation of both the impulsive waves (v) and (c) and should break below 1.20410 towards 1.20 or even lower. As it is now, buy positions looks a bit risky and may not be recommended unless the price breaks above Friday’s highest high, if this is the case, then we will wait for a break above the Alligator indicator to confirm that we are upwards.
Trade Recommendations:
Remain short with your first target at 1.20410.
Origin: FreshForex
