Remain long, or wait for a correction to pick a buy towards 1.3525. | 16 December 2019
16 December 2019, GBP/USD
Technical Observation
GBPUSD established a hourly resistance around 1.3525 and is not showing any signs of breaking above this level any time soon. Instead, we're expecting a possible 50.0% fib retracement to pick a low risk buy order. As it is now, the price has only moved up to 38.2% fib level. And could not close low. If you took a buy based on this bounce, you can hold onto this position expecting price to continue even higher towards 1.3525. But, the correct place to pick a buy from is if the price can move downwards towards 50.0% fib level.
Trade Recommendations:
Remain long, or wait for a correction to pick a buy towards 1.3525.
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.
