GBP has had an incredible run from 14376 to 12723(friday low), some will want to know if it is done or more carnage to follow, I don't know that however lets see what the price has done.
11905-14376 upside then consolidation from 14376-12723 that is nearly 62%-66% at 62%= 12847 & 66%= 12731, there are other price zones at 78%= 12430 or even lower at 88% = 12200.
From 14376-13205 is the 1st impluse where there are 5 waves, then market has a sizeable consolidation to 13472 and continues lower:
14376-13205-13472= 12747(62%)/12690(66%)/12550(78%)/12300(100%), price is within the same zone between 12847-12690, does this hold or not!!! we need to look lower from 13472:
13472-13050-13662=12940(100%)/12825(127%)/12680(162%)/12518(200%)/12257(262%)... price at 162%=12680 zone which= potential support, since prices have made a lower low from 13362 lets see what the potential is from 13362:
13362-12958-13213= 12809(100%)/12699(127%)/12559(162%)/12409(200%)/12156(262%)... price at 127%=12699, should price start to consolidate at this zone 12750-12550, then a reversal could be setting up:
upside resistance= 13000-13150/ 13250-13500
price break below 12550-12500 then likely to see 12300-12200, still not there and cannot be ruled out as price support = 12550-12450.
11905-14376 upside then consolidation from 14376-12723 that is nearly 62%-66% at 62%= 12847 & 66%= 12731, there are other price zones at 78%= 12430 or even lower at 88% = 12200.
From 14376-13205 is the 1st impluse where there are 5 waves, then market has a sizeable consolidation to 13472 and continues lower:
14376-13205-13472= 12747(62%)/12690(66%)/12550(78%)/12300(100%), price is within the same zone between 12847-12690, does this hold or not!!! we need to look lower from 13472:
13472-13050-13662=12940(100%)/12825(127%)/12680(162%)/12518(200%)/12257(262%)... price at 162%=12680 zone which= potential support, since prices have made a lower low from 13362 lets see what the potential is from 13362:
13362-12958-13213= 12809(100%)/12699(127%)/12559(162%)/12409(200%)/12156(262%)... price at 127%=12699, should price start to consolidate at this zone 12750-12550, then a reversal could be setting up:
upside resistance= 13000-13150/ 13250-13500
price break below 12550-12500 then likely to see 12300-12200, still not there and cannot be ruled out as price support = 12550-12450.
