After a multiple big figures drop, ccy can't retrace more than this, is a sure sign that what can't go up must go down. Another way to look at it, from a purely technical perspective, price is dropping from the 61.8% fib level (if you draw the fib structure all the way from the top to the bottom of the recen GBP collapse move).
Also, not a single bullish signal on all 3 studies on this chart. Of note, STC indicates it is time to start looking for an entry point short.
Roïd BB also is pulling away from its top volatility band and has crossed under the 0-line without even touching the OB zone, also a sign the bulls are weak. Keep an eye on the Nikkei: any pullback from resistance levels (17070/50) and it'll carry the JPY crosses down with it.
There is 1 issue though: price needs to drop significantly below MPS1 and WPP to be confident that the short play will develop more, otherwise it'll remain a scalp.
Also, not a single bullish signal on all 3 studies on this chart. Of note, STC indicates it is time to start looking for an entry point short.
Roïd BB also is pulling away from its top volatility band and has crossed under the 0-line without even touching the OB zone, also a sign the bulls are weak. Keep an eye on the Nikkei: any pullback from resistance levels (17070/50) and it'll carry the JPY crosses down with it.
There is 1 issue though: price needs to drop significantly below MPS1 and WPP to be confident that the short play will develop more, otherwise it'll remain a scalp.
Comment:
TP reached for about 100 pips.
