TomProTrader

#GBPNOK: Bears Active, Downside Target To Be Seen!

FX_IDC:GBPNOK   POUND STERLING / NORWEGIAN KRONE
24 0 5
Traders,

After seeing a lower low, a new opportunity to get into a lower low, small wave continuation move to the downside. After bearish impulse, the pair has offered a small wave retracement. Nice resistance on the 50 moving average and bearish candles at the retracement and resistance suggests downside will be seen. Expecting a downside move to Fibonacci extension targets, there is confluence at the bottom of the range, which is where the 3 wave target move is. Good 3 wave short opportunity to the Fibonacci extension confluences, makes good sense.
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