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Wait for a sell from around 50.0% fib level towads 1.26940.

Wait for a sell from around 50.0% fib level towads 1.26940. | 06 October 2020

06 October 2020, GBP/USD

Wait for a sell from around 50.0% fib level towads 1.26940.

Technical Observation

So sometimes now, the British pound continues to rally to the upper side after establishing a swing low around 1.26940. As it is now, I am looking at two levels, the zone 1.302777-1.30016 and the 50.0% fib level, if the price fails to break above the 50.0% fib level, then this will be a good place to consider a possible long term sell position towards 1.26940. A break above 50.0% fib level may push the price much higher with the next idea target set around 1.34600 and may extend much higher towards 1.364.

Trade Recommendations:

Wait for a sell from around 50.0% fib level towards 1.26940.

Imelda Maseno
Analyst of «FreshForex» company
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