Wave Analysis:
The Great British Pound is currently trading in a contracting wedge formation,previously the price bounced off from the upper trendline at the corrective wave cycle four towards the lower trendline at the impulsive wave cycle five.Right now the price is on the lower trendline,should it break it clearly, then we would be looking for long term sell positions around 1.2975,on the flipside should the price rebound to the upper side then we would be looking for short term buy positions from 1.3022 towards 1.3095.
Trade Reccommendations:
We are on the sidelines.
Origin: FreshForex
