Wave Analysis
The British pound is currently rallying within a range, within a contracting wedge formation. As long as the price remains within this shape formation, we are waiting for a rebound from the upper trendline to pick a possible long term sell position towards the lower trendline. A rebound from the lower trendline will attract a possible buy towards the upper trendline. A breakout above the upper trendline will mean we are continuing to the upperside towards 1.41620. A break below the lower trendline will push the price towards 1.32445.
Trade Recommendations:
Wait and sell a rebound from the upper trendline towards the lower trendline.
Origin: FreshForex
