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Wait for a buy from around 38.2% fib level.

Wait for a buy from around 38.2% fib level. | 12 June 2020

12 June 2020, GBP/USD

Look for a buy from around 23.6% fib level with your take profit at 1.28290.

Wave Analysis

As mentioned previously, as long as the price remains above the level 23.6% fib level, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the impulsive wave (v) to the upper side and should break above 1.28290 towards 1.298 or even higher. We expect the current bearish price rally to be the continuation of a correction to the lower side but should not go beyond the 38.2% fib level where we'll be looking for a possible long term buy position.

Trade Recommendations:

Wait for a buy from around 38.2% fib level.

Bob Stan
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