Remain short temporarily towards 38.2% fib level. | 22 اكتوبر 2020
22 اكتوبر 2020, GBP/USD
Wave Analysis
After establishing a resistance level around 1.31795, the cable pulled back to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As long as the price remains below this level,we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the corrective wave (iv) to the lowerside but should go beyond the 38.2% fib level, where we'll be looking for long term buy positions with an ultimate target set around 1.31795.
Trade Recommendations:
Remain short temporarily towards 38.2% fib level.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
