Technical failure of the GBPUSD downtrend.
It's looking increasingly likely that the big multi 100 pip move in the USD may have been the low of the swing.
We've now had our first big failure of the downtrend. When 76s break and 86s hit the tendency is for the 127 to hit.
It may go higher. If we do go into a strong bear move in the USD we may see GBPUSD taking out the range highs of 2015. This would be an absolutely extra0rindary move. But let's take it one step at a time. First we need to see the 76/61 retest hold and the 127 hit. That's the current trade plan. Reviewed if we break the 61 fib.
We've now had our first big failure of the downtrend. When 76s break and 86s hit the tendency is for the 127 to hit.
It may go higher. If we do go into a strong bear move in the USD we may see GBPUSD taking out the range highs of 2015. This would be an absolutely extra0rindary move. But let's take it one step at a time. First we need to see the 76/61 retest hold and the 127 hit. That's the current trade plan. Reviewed if we break the 61 fib.