GBP/USD Forecast: US Dollar failed to breakout above the upper trendline

gbp_cfdWave Analysis

During the previous trading day, the US Dollar failed to breakout above the upper trendline, instead, the price failed to close above the upper trendline. We’re expecting the impulsive wave (E) to end around the upper trendline and that a corrective wave count is expected upon the end of the impulsive wave (E) to the lowerside. If you are on this chart, you should look for a possible long term sell position with an ideal target set along the lower trendline. If the price breaks and closes above the red line, we will be looking for buy positions.

Trade Recommendations:

Look for possible sell positions towards the lower trendline.

Origin: FreshForex

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