GBP's downtrend has started but we may see a small upward retracement.
It is possible to retrace 1.224XX level [61% fib & top of July U.S. Fed rate cut & top of red trendline] and continue to trend downward.
SL above the red trendline, the target is 78% fib level of the entire cycle(September resistance)
This is low hanging fruit setup.
It is possible to retrace 1.224XX level [61% fib & top of July U.S. Fed rate cut & top of red trendline] and continue to trend downward.
SL above the red trendline, the target is 78% fib level of the entire cycle(September resistance)
This is low hanging fruit setup.
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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.