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.
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.
