GBP/USD Forecast: British pound bounced off from 1.25324

gbp-l4Wave Analysis

On this chart, we are focusing only on the following levels, 1.23554, 1.24610 and 1.25324. During the mid of this week, the British pound bounced off from 1.25324 headed to the lower side and even went below the 50.0% fib level. As it is now, we expect the price to continue to the lower side and may break below 1.23554 towards 1.21190. And on the flip side, should the price break and close above 1.25324, then this will be a good place to consider a long term buy position with an ultimate target around 1.28030.

Trade Recommendations:

Remain short with your target at 1.23554.

Origin: FreshForex

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