It seems to me that GBPUSD is gathering energy for the last move down - to reach the big-scale 50% reatrecement at 1.6522. The 1.66 key level has proved to be a strong resistance for the recent price action. Should it fail to hold though, price might get to the median line, thus retracing 61.8% of the recent swing down. But the down trend is very strong. GBPUSD has been in the strongest trend of all the majors. So the odds are rather with the sellers piling up their orders along the bear trend line. The price distance to the target 50% retracement is exactly as much as what market had made to the upside on Aug 20th, so 1.66 seems to be a balance line, along which the action to the upside is going to produce reaction to the downside. Let's see how it develops.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.