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Wait for a rebound from the 61.8% fib level to pick a low risk sell position.

Wait for a rebound from the 61.8% fib level to pick a low risk sell position. | 23 December 2020

23 December 2020, GBP/USD

Wave Analysis

Earlier this week the British pound established a swing low around 1.32120. As long as the price remains above this level, we expect nothing but further momentum upwards but should not go beyond 61.8% fib level, if the price breaks and closes above this fib level, then further momentum much higher is expected. however, should the price rebound from 61.8% fib level, then this will be a good place to consider a possible long term sell position towards 1.32120 a break below this level will push the price much lower.

Trade Recommendations:

Wait for a rebound from the 61.8% fib level to pick a low risk sell position.

Bob Stan
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