Cable after the flash crash

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Hi Traders,

As you probably know, last night on Asian session the $GBP got killed on thin markets condition which made the $GBPUSD drop 8% at one point in under 2 mins but than the market recovered and ended up with -1%. However, when a situation like this happens (which is not very often!) I jump to my monthly charts to give me the best and most importantly; the long picture of this market. By looking this $GBPUSD monthly chart we can see that with this flash crash the market touched a very important support around 1.1870 which worked as support between 1984 to 1985. Also, it was very close to the last fib level; 0.886%.
Keep in mind that most of the time when a market was to do a long term low/high, the market does a crazy reaction (in another words; does a very quick low/high) and than stabilize. So what I personally think; I think this flash crash low is very important and can be a major low in this market. However, I do not recommend you to start buying here right now! I suggest that you wait for more confirmation especially in the Daily chart . Be careful and always know your risk before you open a trade!