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Remain short towards 38.2% fib level.

Remain short towards 38.2% fib level. | 07 July 2020

07 July 2020, GBP/USD

Remain short towards 38.2% fib level.

Wave Analysis

Few days ago, the British pound established a swing high around 1.25200 and could not breakout any higher. As long as the price remains below this swing high, we\re expecting a possible correction towards the 38.2% fib level. And should the price breakout above this high, then further momentum to the upper side is expected with an ultimate target at 1.2654. As it is now, we are expecting the impulsive wave (c) to push the price to the lower side and should break below 23.6% fib level towards 38.2% fib level.

Trade Recommendations:

Remain short towards 38.2% fib level.

Bob Stan
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