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Remain short temporarily towards 38.2% fib level.

Remain short temporarily towards 38.2% fib level. | 22 October 2020

22 October 2020, GBP/USD

Remain short temporarily towards 38.2% fib level.

Wave Analysis

After establishing a resistance level around 1.31795, the cable pulled back to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below this level,we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the corrective wave (iv) to the lowerside but should go beyond the 38.2% fib level, where we'll be looking for long term buy positions with an ultimate target set around 1.31795.

Trade Recommendations:

Remain short temporarily towards 38.2% fib level.

Bob Stan
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