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Remain short

Remain short | 08 September 2020

08 September 2020, GBP/USD

Wave Analysis

During the previous trading day, the impulsive wave (c) continued perfectly to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As it is now, we are expecting a possible breakout below the supportive trendline to confirm a possible continuation to the lowerside towards 38.2% fib level. A break below this level will push the price much lower towards 50.0% fib level. On this chart, we are sellers. And in case of a bounce from 50.0% fib level or a break above 1.34780, then we will be looking for a buy position.
Trade Recommendations:
Remain short
Bob Stan
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