GBPUSD short term target 1.305xx ? Pound to drop a little more?

GBPUSD showed some strength early in week but is fading.
Currently piercing supporting Fibs and looks headed lower.
If not in already, probably too late, but 1.305 TP looks good.

The 5.236 at 1.30726 will be an important CheckPoint.
The 5.618 at 1.30639 ought to give a decent bounce.
The 6.236 at 1.30497 looks to be destination of wave.

The bigger picture showing origination of Blue Fib series

Comment:

As expected, the 5.618 gave a bounce, and teh 5.236 is now trying to support the price. Next test will be the 4.618 but likely the 4.236 will be the final rejection.

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Comment:

Ping Pong between the 4.618 and 5.618

This may be about as low as it gets this week, but that repeated rejection from 4.618 hints at a lower low before reversal, but lets see. If in short from higher up, then it is time to drag stops to just above the 4.618

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Comment:

Target hit, will probably go lower. Have closed 8-% of position, trailing stop on the rest, may add again on a bounce

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Comment:

Exact reflection from previous support zone

might add shorts on one more bounce

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