GBPUSD Projections week of 8/12
GBPUSDAll-Time lows
Extremely important price level/support level
Psychological number
Relief imminent
Expecting a period of relief or consolidation. Look for price to have a hard time breaking structure in the short-term, but once there is a break, it will make large moves quickly. Price is currently at a level that has shown extreme support in the past and that has not been seen many times before. I do not have a projection for the direction of the break, but by looking at the momentum it is carrying, I wouldn't be surprised if price put in a few more bearish candles before finding bottom. But, bottom is coming, so expect to start seeing reversal patterns form.
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.