Quick plot to observe behavior around Fib Confluences.
I am NOT trading GBP pairs due to crazy news moves.
But always observing, and price action here will be telling.
Blue fib is of the wave up which ended at a 4.236 (very common).
Red fib is of the Ripples caused by the Weekend Gap down.
Confluence of 2 always interesting, and there are two such zones.
Red 4.236 might form a back stop for blue 2.236, a common retrace from a 4.236 top.
That support would also be Bulls' attempting to defend 1.30000 psychological level.
But Support a "Blind Man Can See" is 1.298 exact confluenc and previous launch pad.
I say "For the Brave" or I guess "For those who know UK politics" because I am neither.
Even during "normal" times the Pound is a dangerous partner, as she like to hurt people.
Ever since Brexit, have been scalping and closing quick with either flesh wounds or a small loot.
I am NOT trading GBP pairs due to crazy news moves.
But always observing, and price action here will be telling.
Blue fib is of the wave up which ended at a 4.236 (very common).
Red fib is of the Ripples caused by the Weekend Gap down.
Confluence of 2 always interesting, and there are two such zones.
Red 4.236 might form a back stop for blue 2.236, a common retrace from a 4.236 top.
That support would also be Bulls' attempting to defend 1.30000 psychological level.
But Support a "Blind Man Can See" is 1.298 exact confluenc and previous launch pad.
I say "For the Brave" or I guess "For those who know UK politics" because I am neither.
Even during "normal" times the Pound is a dangerous partner, as she like to hurt people.
Ever since Brexit, have been scalping and closing quick with either flesh wounds or a small loot.
Note
Looks like Red is wrestling control away from Blue .
Note
At first support, not touched the 4.236 yet but showing some elasticity here .
Note
Oh well, so much for that first support, now eyes on the real target .
Note
Now approaching the forecasted support .
Note
Since my last update we got a wee bit of a bounce .
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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.