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Wait for a 50% retracement to pick a buy.

Wait for a 50% retracement to pick a buy. | 10 December 2019

10 December 2019, GBP/USD

Wait for a 50% retracement to pick a buy.

Technical Observation:

Earlier this week, GBPUSD established a swing high around 1.3165. This level is a daily high too, therefore, while the price is not able to clear close above it, we choose to remain flat, in the meantime,we are expecting a possible bearish price rally towards 50.0% fib level to pick a low risk buy order. On its way downwards, some of the key levels to the lower side where the price may likely bounce off from include 1.3085, 1.3036, 1.2995 and 1.2955, If the price bounce from any of these levels other than the 50.0% fib, we will still be looking for a buy.

Trade Recommendations:

Wait for a 50% retracement to pick a buy.

Imelda Maseno
Analyst of «FreshForex» company
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