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Sell the British pound from 1.30532.

Sell the British pound from 1.30532. | 21 September 2020

21 September 2020, GBP/USD

Sell the British pound from 1.30532.

Wave Analysis

The British pound rallied massively to the lowerside few weeks ago. However, last week, the price pulled back to the upperside but is still below the level 1.30532. Using the levels 1.34450 as the swing high and 1.27600 as the swing low, we are waiting for a possible 30.2% fib level to pick a low risk sell position. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should breakout below 1.26730 towards 1.24420 or even lower. Conservative traders should place pending sell limit orders around 1.30532.

Trade Recommendations:

Sell the British pound from 1.30532.

Bob Stan
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