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Sell GBPUSD from 23.6% fib level towards 50.0% fib level.

Sell GBPUSD from 23.6% fib level towards 50.0% fib level. | 11 November 2019

11 November 2019, GBP/USD

Sell GBPUSD from 23.6% fib level towards 50.0% fib level.

Technical Observation

On 15th October last month, GBPUSD established a resistance around 1.29935 and is still not able to close above the same zone. I expect the current bearish price rally to be the continuation of a retreacement to the lower-side but should not go beyond the 50 percent retracement. Following the break below 23.6% fib level, I expect further momentum even lower towards 38.2% fib level and could not break even lower. On this chart, only in case the price breaks above 1.29935, that we may consider a buy order.

Trade Recommendations:

Sell GBPUSD from 23.6% fib level towards 50.0% fib level.

Imelda Maseno
Analyst of «FreshForex» company
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