I am expecting at least the 109 area as a potential target. Will have a closer look once we get close.
Could potentially retrace to the 112 61.8% fib, but for now, looks like one more wave up before some correction
My last update said we are most likely going to make a new high, and we did. I understand all news are bad for GBP, which is usually a sign of a bottom. The counts seems to be correct for now, we might pop above the channel for a little bit before moving down. However as this is the final wave, it is usually weak in nature so this could be the absolute top....
We should see a big move down breaking 0.85 and beyond...
Sometimes it's better to wait for confirmations. Regardless, I am reasonably confident in this pattern
The last trade failed, looks like a WXY instead of a simple ABC. The correction should complete around the 61.8% retracement...
Wave 3 looks like it's starting, the drop should be sharp and fast
There is a longish term downtrend line that has hit. There is a few divergence on the lower time frames. I suspect we will touch the other side of the uptrend line which is around 138.2% fib before we can move up and make higher highs. Not a bad risk:reward.
With some news out soon, hitting a key resistance line + important fibs, I expect the downtrend to resume
Not a bad risk reward at the 161.8 line, I expect a bounce here. All the news is bad, a typical sign of a bottom.