GBP USD - update from 18.08.2021
Sellers took control of the market yesterday with an expected downside move, we are now experiencing a pull back on the four hour which;
1. looks to correct to 1.3718X in the Fibonacci structure, for further sells.
2. The monthly has been broken, but the close of the market needs to distinguish a clean break for confirmed further selling power down to the Fibonacci targets and imbalance targets respectively.
To explain further - take the Fibonacci from the 1.43 to the low of 1.3574 gives the weekly Fibonacci.
The daily comes from the sell zone in orange giving you the point 1 to point 0 of the low.
We are now experiencing a pullback on the four hour/daily Fibonacci referring to "0" at 1.3718.
Only looking for sells.
Enjoy the trading.
About me,
Professional analyst at a hedge fund
Technical approach only.
Experience with FX markets and private equity deals.
XYHLX
1. looks to correct to 1.3718X in the Fibonacci structure, for further sells.
2. The monthly has been broken, but the close of the market needs to distinguish a clean break for confirmed further selling power down to the Fibonacci targets and imbalance targets respectively.
To explain further - take the Fibonacci from the 1.43 to the low of 1.3574 gives the weekly Fibonacci.
The daily comes from the sell zone in orange giving you the point 1 to point 0 of the low.
We are now experiencing a pullback on the four hour/daily Fibonacci referring to "0" at 1.3718.
Only looking for sells.
Enjoy the trading.
About me,
Professional analyst at a hedge fund
Technical approach only.
Experience with FX markets and private equity deals.
XYHLX
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.