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Look for low risk buy positions towards 1.31875.

Look for low risk buy positions towards 1.31875. | 03 August 2020

03 August 2020, GBP/USD

Look for low risk buy positions towards 1.31875.

Wave Analysis

Just before the end of last week, the British pound established a swing high around 1.31875, The pair then pulled back to the lower side but is above a significant level 23.6% fib level. We expect further correction to the lower side towards 50.0% fib level but should not break any lower. As it is now, any signs that the current correction is ended will be a good sign for a long term buy. The anticipated buy position is the continuation of the impulsive wave (v) to the upperside and should break above 1.31875.

Trade Recommendations:

Look for low risk buy positions towards 1.31875.

Bob Stan
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