We had a fantastic trade on this market last week trading from the previous structure lows. Now that the market has broken through key support we are looking for this market to continue lower targeting the next support zone around the 1.9200 area. Applying our fibs we can see that the previous 4hr lows are sitting up at a 50.0% Fib retracement and would be a likely area for the market to continue lower from.
Be aware that there is a BoE rate announcement tomorrow and should be taken into account when trading the GBP pairs this week.
Be aware that there is a BoE rate announcement tomorrow and should be taken into account when trading the GBP pairs this week.