Long

GBPUSD This feels like the Brexit sell-off

The current sell-off is similar to the Brexit shock on GBPUSD on June 24, 2016. Once the price got detached from the 1D MA50 it declined nearly -15% from the top. The reaction at the bottom was a pull back to the 0.236 Fibonacci level. The new (lower) High was confirmed by the MACD roll-over. If the same sequence plays out, then we see 1.1800 as a (lower) High. It is a risky trade though under the circumstances.

Previous signal:

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