GBPUSD ready for a Dead Cat bounce? GU at 'a' bottom maybe
Updated
As we all know, GBP has been super weak thanks to the Brexit situation.
To be honest I am NOT in tune with the developments or Pound sentiment.
But I have been watching this fib series and we are at an important zone.
Pound traders know that after an extended drop it can rocket back for a retrace.
I have no idea if that will happen now, but sure looks like a good place to bounce.
Early targets will be the purple fib lines above, and I will update as price moves.
Long entry would be conditional on a Bounce first (duh).
Timing might be good as UK markets are about to open.
I cant imagine London selling it down much further now.
Note:
I have not been paying attention to FX new lately, only the charts.
I have not been trading the Pound much recently, mostly observing.
I am not a Pound bull or bear, but bulls should be salivating about now.
To be honest I am NOT in tune with the developments or Pound sentiment.
But I have been watching this fib series and we are at an important zone.
Pound traders know that after an extended drop it can rocket back for a retrace.
I have no idea if that will happen now, but sure looks like a good place to bounce.
Early targets will be the purple fib lines above, and I will update as price moves.
Long entry would be conditional on a Bounce first (duh).
Timing might be good as UK markets are about to open.
I cant imagine London selling it down much further now.
Note:
I have not been paying attention to FX new lately, only the charts.
I have not been trading the Pound much recently, mostly observing.
I am not a Pound bull or bear, but bulls should be salivating about now.
Note
We lost that support, but Pinged exactly on the next fib down .
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