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Remain short towards the 50.0% fib level.

Remain short towards the 50.0% fib level. | 16 July 2020

16 July 2020, GBP/USD

Remain short towards the 50.0% fib level.

Wave Analysis

The British pound is currently in a short term sell position, As long as the price remains below the Alligator indicator attached, we expect nothing but a possible momentum to the lower side, basically, we are expecting a possible correction towards the 50.0% fib level. And in case the price breaks and close below this fib level, then a plunge towards the verified support level 1.22630 is expected. On the flip side, only a clear breakout above the swing high 1.26660 will mean we are continuing to the upper side towards.

Trade Recommendations:

Remain short towards the 50.0% fib level.

Bob Stan
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