GBPUSD - Power of Fibonacci extension and retracement levels.

This pair is showing a nice trend - counter trend pattern. We have had the ABCD move down and have completed the countertrend move. Using ichimoku we can pick an entry point, when we get a candle closer with good momentum below the the Tenkan sen, we can short this pair. The last hourly candle is a Bearish engulfing which adds to the trading idea. With the EU referendum happening this week, volatility (uncertainty) may be too high. That being said, please understand the wave pattern we have seen.

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