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Sell The British pound towards 50.0% fib level.

Sell The British pound towards 50.0% fib level. | 30 November 2020

30 November 2020, GBP/USD

Wave Analysis

Late last week, the British pound established a swing high around 1.34040. Following the bounce from this high, we took a short term short position. Our expectations is that the price should continue to the lower side towards 38.2% fib level and could breakout much lower towards 50.0% fib level or lower. On the flip side, should the price break and close above 1.34040, then this will be a good place to consider a possible long term buy position expecting price to move much higher towards 1.34920.

Trade Recommendations:

Sell The British pound towards 50.0% fib level.

Bob Stan
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