GBP/USD Forecast: British pound rallied to the upperside

gbp-l2Wave Analysis

During the previous trading day, the British pound rallied to the upperside but ended up closing as a bearish pin bar candle. Although this candle indicates a sell, we and in an active u trend. The sell candle could be indicating a possible unfolding of a correction to the lowerside towards 50.0% fib level and could breakout much lower but should not go beyond 1.38440. If you are in the buy we took previously, please step our, wait for a correction before you go long again around 1.38440.

Trade Recommendations:

Wait

Wait for a pullback towards 38.2% fib level to pick a low risk buy position.

Origin: FreshForex

Leave a Reply