#GBPNOK: Bears Active, Downside Target To Be Seen!
Traders,
After seeing a lower low, a new opportunity to get into a lower low, small wave continuation move to the downside. After bearish impulse, the pair has offered a small wave retracement. Nice resistance on the 50 moving average and bearish candles at the retracement and resistance suggests downside will be seen. Expecting a downside move to Fibonacci extension targets, there is confluence at the bottom of the range, which is where the 3 wave target move is. Good 3 wave short opportunity to the Fibonacci extension confluences, makes good sense.
After seeing a lower low, a new opportunity to get into a lower low, small wave continuation move to the downside. After bearish impulse, the pair has offered a small wave retracement. Nice resistance on the 50 moving average and bearish candles at the retracement and resistance suggests downside will be seen. Expecting a downside move to Fibonacci extension targets, there is confluence at the bottom of the range, which is where the 3 wave target move is. Good 3 wave short opportunity to the Fibonacci extension confluences, makes good sense.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.