GBPUSD serious risk of hitting 1.2600: last stand for GU bulls
GU is at a critical support right now.
As you know, it is at a double bottom on H4 (shown on chart below).
It has just hit a 2.618 fib extension (Blue) of last leg down, right around 1.2700
if that breaks, then the natural progression of this last leg will be to the 4.236 (blue) fib extension.
Around there are several other very important fibs, which will act as a magnet.
All if know is if it hits 1.26000, I will be BUYING for the first time in a very long time....
Background:
I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was waiting for a pull back again
Next I started looking for shorts again, as the uptrend started to get tired
Last, I was looking for 1.2700 target which has been hit and we are watching
Which brings me to the current plan, expecting a bounce, or if not then capitulation to 1.26000
As you know, it is at a double bottom on H4 (shown on chart below).
It has just hit a 2.618 fib extension (Blue) of last leg down, right around 1.2700
if that breaks, then the natural progression of this last leg will be to the 4.236 (blue) fib extension.
Around there are several other very important fibs, which will act as a magnet.
All if know is if it hits 1.26000, I will be BUYING for the first time in a very long time....
Background:
I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was waiting for a pull back again
Next I started looking for shorts again, as the uptrend started to get tired
Last, I was looking for 1.2700 target which has been hit and we are watching
Which brings me to the current plan, expecting a bounce, or if not then capitulation to 1.26000
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