Wave Analysis
During the previous trading day, the British pound broke below the wedge formation and is still below the lower trendline. On this chart, we are looking for long term sell position expecting the price to rally to the lower side towards 1.36820. A breakout below 1.36694 will mean we are continuing short with the last impulsive wave (E) to the lower side and should break below 1.35930 expecting the price break below the lower trend line. On the flip side, should the price break above the upper trendline, then further momentum to the upper side is expected.
Trade Recommendations:
We’re short towards 1.36820.
Origin: FreshForex
