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Wait for a pullback towards 38.2% fib level to pick a low risk buy position.

Wait for a pullback towards 38.2% fib level to pick a low risk buy position. | 23 February 2021

23 February 2021, GBP/USD

Wait for a pullback towards 38.2% fib level to pick a low risk buy position.

Wave Analysis

Just as previously forecasted, the British pound continued to the upperside perfectly as previously forecasted. As long as the price remains above the Alligator indicator attached, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should breakout above 1.41310 towards 1.42. If you are on this chart, you may want to wait for pullback towards 38.2% fib level to pick a low risk buy position.

Trade Recommendations:

Wait for a pullback towards 38.2% fib level to pick a low risk buy position.

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