This pair has been extremely bearish for a several months now, however due Brexit we have seen this pair collapse to ancient lows. However with that being said, I have a short term bullish bias on this pair as I expect the market to retrace to the 50% - 61.8% levels and complete the "ABC" structure were it will then fall dramatically to create a new lower low "D"....
We've seen price breakdown to the downside due to Brexit; Buyers did slightly managed to gain momentum by pushing the price to it's previous support now turned resistance, however failed to maintain that rally. This market was shorted based on the below factors:
* The market was in the fibzone - between the 50% - 61.8% levels.
* There was a nice bearish pennant...
