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Wait | 05 October 2020

05 October 2020, GBP/USD

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Wave Analysis

Last week the British pound consolidated but ended up closing slightly above its opening price. If the price breaks and closes above the 38.2% fib level, then we will expect the impulsive wave (c) to continue to the upperside towards 50.0% fib level where we'll be looking for a possible long term sell position. And on the flip side, if the price breaks below 23.6% fib level, then this too will be a good place to consider a possible long term sell position with an ultimate target set around 1.26640.

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Bob Stan
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