Milantradesfxc
GBPUSD broker brexit low. can Fibonacci tell us a new story?Since GBPUSD has broken Brexit Low i am looking for extensions to tell us where GBPUSD may head next. I'm looking for it to reject in the 1.26500, also in confluence with the half quarter, if it breaks that I'm looking for it to continue to 1.21 check screen shot below.
please also be aware that price is currently at the 2.24 extension which is a minor extension of 38.2 so we may see a correction or reversal here.
Where GBP Rates May get pushed.....As a raw technical trader, i pride myself in trading by anticipating markets through technical analysis. here we see raw price action coming into play as we have AB=CD pattern on the 4 hour chart. this is also in confluence with monthly support. i aim to take this trade for about 4-100 pips back up if everything goes according to plan. Beware this is counter trend trading and risk management should be used appropriately.....happy trading!