GPB is at 78.6% fib retracement area - support area which may hold. Fridays bit disappointing US data, may see pull back GBP to resistance area - 1.7 - RSI strongly oversold being at 10.12 supports idea of retracement to 1.7 key very psychological level for GBP. worth noticing is that last week was 4th in a row of correction in GBP.
I would be looking to place SL below 1.669 as it is next support level. I see GBP still strong fundamentally and looking at weekly chart we are still in uptrend. I will be closely watching current 78.6 fib area (on the other hand we may just continue down) - what happens at this level possibly determine this week direction.
As always manage your risk and RR properly, its not a sprint - its a marathon!
Good luck!
I would be looking to place SL below 1.669 as it is next support level. I see GBP still strong fundamentally and looking at weekly chart we are still in uptrend. I will be closely watching current 78.6 fib area (on the other hand we may just continue down) - what happens at this level possibly determine this week direction.
As always manage your risk and RR properly, its not a sprint - its a marathon!
Good luck!