Wave Analysis
Just as previously expected, the british pound continued to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below the upper trendline, we are looking for long term sell positions. The anticipated bearish price rally is the continuation of the last impulsive wave (v) to the lowerside and should break below 1.38340 towards 1.37. On this buy positions are a bit risky and may not be recommended. However, should the price breakout
clearly above the upper trendline then this will be a good place to consider a possible long term buy positions expecting the price to continue to the upperside towards 1.40140.
Trade Recommendations:
We’re sellers towards 1.38
Origin: FreshForex
