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Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy.

Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy. | 26 December 2019

26 December 2019, GBP/USD

Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy.

Technical Observation:

Last week, GBPUSD established a swing high around 1.3475. Following the bounce from this swing high GBPUSD retraced back to the lower side but is yet to reach our buyers level 50.0% fib level. If you are looking at this chart now, expect further momentum to the lower side and should not break below the 50.0% fib level. Even more important, if the price does not go below 38.2% percent fib level, we’ll still be looking for buy positions expecting price to continue to the upper side towards 1.3475.
Trade Recommendations:
Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy.
Imelda Maseno
Analyst of «FreshForex» company
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