orvilleawright

GBPUSD (4H) price bounces off the 161.8% extension

FX:GBPUSD   British Pound/U.S. Dollar
On the GBPUSD             (4H) chart, price is trading close to the low of the bear channel after bouncing off the 161.8% (at 1.2690x) extension of a prior swing low. Since we are currently trading below the range lows, I would expect this area to act as resistance. The market is over extended and there is significant separation between price and the 50 SMA as well as the 20 SMA . Expect some ratracement back to those moving averages was well as the top of the bear channel.
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