Wave Analysis:
The GBP is currently on a downtrend,the price has been rallying within the upper and the lower trendline for sometime now.Recently the price bounced off from the upper trendline towards the lower side in continuation of the impulsive wave cycle five.Right now the price is on the lower trendline,I expect a break below it and a further momentum to the lower side.If you are looking at this pair right now,wait for the price to break below the lower trendline then pick a sell from 1.2130.On the flipside,should the price rebound upwards I expect it to go upto 1.2680.
Trade Reccommendation:
We are on the sidelines.
Origin: FreshForex
