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Look for long term sell positions towards 1.38471.

Look for long term sell positions towards 1.38471. | 01 March 2021

01 March 2021, GBP/USD

Wave Analysis

Last week, the British pound established a swing high around 1.42409,before crashing back to the lower side. On this chart, we are looking for a possible long term sell position. The anticipated sell position is the continuation of a corrective wave count and could see price break below 61.8% fib level towards 1.38471 and could breakout much lower. The idea is to keep looking for sell positions on this chart unless a clear buy position is seen. Conservative traders should wait for price around 1.37350.
Trade Recommendations:
Look for long term sell positions towards 1.38471.
Bob Stan
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