Wave Analysis
The british pound is currently rallying within a wedge formation. As long as the price remains within this range, we will be waiting for a rebound from the lower trendline to pick a buy or rebound from the upper trendline to pick a low risk sell position. Should the price break below the lower trendline, this will be a good sign that we are continuing to the lowerside with next ideal target set at 1.3715.. Theanticipated bearish price rally is the continuation of the impulsive wave (c) and may break below the last target. On the flipside, only a break above the previoys day’s highest high may attract a possible buy position.
Trade Recommendations:
We’re sellers towards the lower trendline.
Origin: FreshForex
