As part of my previous analysis, I am expecting a recovery on the GBPUSD to 1.24235 or 88.6%. Price is currently at a 1.618% expansion. This would be a internal retracement in the sell continuation. At 12, we have BOE interest rates announcement. This should help provide the momentum to those levels.
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Scenario 2: Price has just touched the 38.2% of the bearish swing and also a daily support or resistance zone. So instead of forming support at demand, we might consolidated at this point and sell further to break the low of the week to about 1.2199. After that then a short buy.
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Good. I am in a sell to around 1.2199
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closing my sell now
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entered buy at 1.23066
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I closed that position, and entered another position at 1.21276, first target is 1.23064, second target is 1.23768
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