GBP rally last gasp?
I think it'll either bounce off the warning line (WL - blue dotted) it's grinding along , or flush slightly below prior horizontal resistance @1.614 (red dotted). Just after the Asian open on Monday, it would be easy to flush it down through the resistance, take out the stops of Euro/US muppet-longs hidden just below, before bouncing it back up. Such is life in C21.
The midpoint of a large ABCD pattern coincides with the prior high @1.6259, making it a logical TARGET, although resistance is also likely at the intervening WLs. I suspect neither the BoE or FED would be happy with it breaking out above those highs, so resistance there could be fierce.
If there's no flush down, ENTER at the paler blue sliding parallel (@~1.618; 6:1 RRR) if it makes it to the prior high - though two WLs, and a couple of SPs I haven't marked could present resistance and/ PROFIT TAKING opportunities. STOP @ WL (~1.615)
On a flush, the current WL could be an ENTRY point, allowing a margin for error (perhaps @1.615). STOP just below flush low.
Anyway, I'm just making this stuff up ;) Best of luck!
The midpoint of a large ABCD pattern coincides with the prior high @1.6259, making it a logical TARGET, although resistance is also likely at the intervening WLs. I suspect neither the BoE or FED would be happy with it breaking out above those highs, so resistance there could be fierce.
If there's no flush down, ENTER at the paler blue sliding parallel (@~1.618; 6:1 RRR) if it makes it to the prior high - though two WLs, and a couple of SPs I haven't marked could present resistance and/ PROFIT TAKING opportunities. STOP @ WL (~1.615)
On a flush, the current WL could be an ENTRY point, allowing a margin for error (perhaps @1.615). STOP just below flush low.
Anyway, I'm just making this stuff up ;) Best of luck!
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