GBPUSD Pull Back Week
Brexit's started to push Cable weaker again its the Flu that never heals!
We may tank next week, we may bounce into a pull back.
Just wanted to share this chart as this particular wedge has been extrememely accurate over the last 18 months in hitting some bounces into larger trends.
There comes a point where they get over used and invalidate themselves i.e. the GBPAUD Trendline that everyone was using util April, however price is price and to me its currently at major support.
If we bounce I would be looking at a 50/618 retracement of the Daily April Top decline into 1.23/1.24 region into an overlap of prior structure.
Trump finaly gave a nod to a sronger USD and the EUR/GBP move this week is putting Cable under considerable bearish pressure. Treat support as support until its not. Next Bear target is the 50 Ret of the March recovery which lines up nicely with September's Swing Low's.
We may tank next week, we may bounce into a pull back.
Just wanted to share this chart as this particular wedge has been extrememely accurate over the last 18 months in hitting some bounces into larger trends.
There comes a point where they get over used and invalidate themselves i.e. the GBPAUD Trendline that everyone was using util April, however price is price and to me its currently at major support.
If we bounce I would be looking at a 50/618 retracement of the Daily April Top decline into 1.23/1.24 region into an overlap of prior structure.
Trump finaly gave a nod to a sronger USD and the EUR/GBP move this week is putting Cable under considerable bearish pressure. Treat support as support until its not. Next Bear target is the 50 Ret of the March recovery which lines up nicely with September's Swing Low's.
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