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Wait for 38.2% fib retracement to pick a low risk buy order.

Wait for 38.2% fib retracement to pick a low risk buy order. | 04 December 2019

04 December 2019, GBP/USD

Wait for 38.2% fib retracement to pick a low risk buy order.

Technical Observation

GBPUSD is currently in an active up trend. We marked the previous weeks lowest low as the swing low and the current week's highest high as the swing high. While the price is held below the current swing high, we;re expecting a possible 38.2% fib level retracement. We expect the current bearish price rally to be a mere retracement wave count and should see the price move rapidly to the lower side and may end up breaking below 23.6% fib level but should not go beyond 38.2% fib level.

Trade Recommendations:

Wait for 38.2% fib retracement to pick a low risk buy order.

Imelda Maseno
Analyst of «FreshForex» company
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