11 June 2020, GBP/USD
Wave Analysis
Earlier this week, the British pound established a swing high around 1.2800. As long as the price remains below this zone, we choose to remain on the sidelines. The current move to the lower side is a possible correction but should not go beyond 23.6% fib level, if the price breaks and closes below this level, then we expect further momentum to the lower side but should not go beyond 38.2% fib level, where we'll be looking for low risk buy position. And on the flipside, should the price break and close above the swing high, then this will be a good place to consider a long term buy position.
Trade Recommendations:
Look for a buy from around 23.6% fib level with your take profit at 1.28290.
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