GBP/USD Forecast: British pound failed to break above the upper trend line

gbp-l2Wave Analysis

During the previous trading day, the British pound failed to break above the upper trendline, instead the price bounced off from the 50 simple moving average, headed to the lower side and is still very much bearish both on the daily and on the weekly charts, while the price is held below this 50 day sma, I expect further momentum to the lowerside with an ultimate target around 1.20910. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lower side and should break below 1.20910 towards 1.20630 or even lower.

Trade Recommendations:

Remain short with your target around 1.20910.

Remain short with your target around 1.20910.

Origin: FreshForex

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