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Look for sell positions towards 50.0% fib level.

Look for sell positions towards 50.0% fib level. | 29 December 2020

29 December 2020, GBP/USD

Look for sell positions towards 50.0% fib level.

Wave Analysis

During the previous trading day, the British pound pulled back intensely to the lower side and even hit the 38.2% fib level, on this chart, if the price breaks and closes above the swing high 1.36215, then this will mean we are continuing to the upper side, and in case the price breaks below 38.2% fib level, then this will be a good place to consider further rally to the lower side towards 50.0% fib level and could breakout much lower towards 61.8% fib level. If you are on this chart, keep looking for low risk sell positions.

Trade Recommendations:

Look for sell positions towards 50.0% fib level.

Bob Stan
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