Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy. | 26 December 2019
26 December 2019, GBP/USD
Technical Observation:
Last week, GBPUSD established a swing high around 1.3475. Following the bounce from this swing high GBPUSD retraced back to the lower side but is yet to reach our buyers level 50.0% fib level. If you are looking at this chart now, expect further momentum to the lower side and should not break below the 50.0% fib level. Even more important, if the price does not go below 38.2% percent fib level, we’ll still be looking for buy positions expecting price to continue to the upper side towards 1.3475.
Trade Recommendations:
Buy a bounce from 38.2% fib level or wait for a bounce from 50.0% fib level to pick a buy.
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.
