Quick plot to observe behavior around expected support zones.
Pound is very difficult to trade given the many political whipsaws.
It does look bullish to me in medium term, so looking for bounces.
Green 5.618 appears to have marked end of wave up.
Green 3.618 would be first expected retrace target.
Green 2.618 should be strong support if approached.
Red 4.236 could be end of a wave down (perhaps A of ABC).
Red 5.618 could be end of extended wave A to bounce a bit.
Red 6.618 near Green 2.618 should end retrace if at all bullish.
See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.
Currently in Play:
EUR.USD looks to be Topping
NZD.USD Uptrend Strength
USD.JPY weekend Gap Study
Recent Achievements:
DXY top warning (Upthrust warning just in time)
XAU.USD to $1367? (caught most of the spike)
Silver Bounce scalp (Perfect entry, still in play)
SPX recent top (Fib extensions at work)
XAU.USD long to short (recent perfect entries)
USD.JPY short to long (recent perfect entries)
EUR.USD long term Short (the very tippy-top a year ago)
AUD.USD long term Short (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend.
But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Pound is very difficult to trade given the many political whipsaws.
It does look bullish to me in medium term, so looking for bounces.
Green 5.618 appears to have marked end of wave up.
Green 3.618 would be first expected retrace target.
Green 2.618 should be strong support if approached.
Red 4.236 could be end of a wave down (perhaps A of ABC).
Red 5.618 could be end of extended wave A to bounce a bit.
Red 6.618 near Green 2.618 should end retrace if at all bullish.
See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.
Currently in Play:
EUR.USD looks to be Topping
NZD.USD Uptrend Strength
USD.JPY weekend Gap Study
Recent Achievements:
DXY top warning (Upthrust warning just in time)
XAU.USD to $1367? (caught most of the spike)
Silver Bounce scalp (Perfect entry, still in play)
SPX recent top (Fib extensions at work)
XAU.USD long to short (recent perfect entries)
USD.JPY short to long (recent perfect entries)
EUR.USD long term Short (the very tippy-top a year ago)
AUD.USD long term Short (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend.
But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.
Note
UK econ news caused a drop, which fell right into the first support zone .
Note
Here we are at the second support zone as expected .
Note
Dead. Next? .
Note
Finally, looks like a support that might stop the bleeding. .
Note
Indeed the lowest support held and bounce it to next one up, now retesting .
Note
Bounced all the way back up to first support, which should now act as resistance .
Note
Interesting Ping off support just now .
Note
Absolutely gorgeous price action after the first bounce Zoomed in we see the exact "Pings" on the lines/zones
But now it might be breaking loose a bit, so there may be a new impulse at work, will evaluate further.
.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.