After breaching the descending sub-trend line inside the price channel, the pound-dollar pair rose about 215 points higher, recording good gains with the decline of the US dollar (dollar index).
Currently, the price is forming a new ascending trend line and an ascending wave. The pair can continue its rise towards the red supply area 1.2400, and if it breaches it upwards towards 1.2570, and these are rebound areas, we can search or wait for selling opportunities to form at these areas.
If the pound/dollar falls and retests the lower trend line of the blue colored channel, we can look for new buying opportunities.
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Saudaramu Ahmad
