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Wait for a rebuy from 50.0% fib level towards 1.42328.

Wait for a rebuy from 50.0% fib level towards 1.42328. | 25 May 2021

25 May 2021, GBP/USD

Wait for a rebuy from 50.0% fib level towards 1.42328.

Technical Observertion

Earlier today, the British pound rallied to the upperside but is still very much bullish. As it is now, we are waiting for a clear breakout above 1.42328 to pick a possible long term buy order with my target set at 1.45 and may extend much higher. And should the price break below the 23.6% fib level, then I will expect further rally to the lowerside towards 50.0% fib level which will act as a good place to consider a possible long term buy position with an ideal target set at 1.42326.

Trade Recommendations:

Wait for a rebuy from 50.0% fib level towards 1.42328.

Imelda Maseno
Analyst of «FreshForex» company
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