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Sell break below 23.6% fib level towards 1.27188.

Sell break below 23.6% fib level towards 1.27188. | 16 October 2020

16 October 2020, GBP/USD

Sell break below 23.6% fib level towards 1.27188.

Wave Analysis

After bouncing off from near 50.0% fib level, the British pound continued to the lowerside and is still pretty much bearish both on the daily and on the daily chart. As long as the price remains below 50.0% fib level, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of an impulsive wave count and should breakout below 23.6% fib level towards the swing and could breakout much lower. Only a breakout above 50.0 fib level could breakout above this level.

Trade Recommendations:

Sell break below 23.6% fib level towards 1.27188.

Bob Stan
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