GBPUSD delivered a Breakout of A Rising Wedge to end the week last week! Next, we should suspect a Retest of this Breakout @ the 38.2% Retracement level around 1.31864.
This level proved to hold price below it through the formation of the pattern and would serve as a great area of opportunity to short the pair and ride Price down!
If the Retest of the Breakout is successful, Price would next find Support at the April Lows around the 1.28 - 1.27 area!
Fundamentally its a heavy week for USD with events for GBP littered throughout so keep a close eye on how the results end up affecting the markets!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.