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Wait for a sell position

Wait for a sell position | 24 September 2020

24 September 2020, GBP/USD

Wait for a sell position

Wave Analysis

Yesterday, the British pound established a swing low around 1.26850. This is also a major support and as long as the price remains above it, we are waiting for a possible 38.2% fib retracement. If the price pulls back perfectly up to 38.2% fib level or 50.0% fib level, then these are going to be the best places to look for sell positions. Our expectations is that the price should continue massively to the lowerside with an ultimate target fixed around 1.256 and could breakout much lower towards 1.20.

Trade Recommendations:

Sell a correction towards 38.2% fib level with your target at 1.2656.

Bob Stan
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