GBPUSD Trade Idea Sell to Buy
Equal lows right above where the next 61.8 fibonacci retracement is. Also a whole number (1.27000) and could be the end of the correction and beginning of next bullish cycle.
Next target is 2.618, as 1.618 has been breached over the last two weeks. Expecting a liquidity grab before moving up. Maybe even as low as 1.26000. If price does travel down that way, would just have to watch for signs of a floor.
Notice how 3.618 (target 3) is right above the overall target (and major liquidity zone) which is also easily seen on the weekly chart.
2.618 is also the bottom of the distribution zone.
Next target is 2.618, as 1.618 has been breached over the last two weeks. Expecting a liquidity grab before moving up. Maybe even as low as 1.26000. If price does travel down that way, would just have to watch for signs of a floor.
Notice how 3.618 (target 3) is right above the overall target (and major liquidity zone) which is also easily seen on the weekly chart.
2.618 is also the bottom of the distribution zone.
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