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.
Kommentera
Looks like Red is wrestling control away from Blue so the red 4.236 is almost assured I guess.
.
Kommentera
At first support, not touched the 4.236 yet but showing some elasticity here
.
Kommentera
Oh well, so much for that first support, now eyes on the real target
.
Kommentera
Now approaching the forecasted support lets see if it holds
.
Kommentera
Since my last update we got a wee bit of a bounce very close to the forecasted support. But US market did not buy as much as I thought it might. So lets see what UK session does next. Thus far the bounce is by no means 'impressive' :(
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
Frånsägelse av ansvar
Informationen och publikationerna är inte avsedda att vara, och utgör inte heller finansiella, investerings-, handels- eller andra typer av råd eller rekommendationer som tillhandahålls eller stöds av TradingView. Läs mer i Användarvillkoren.