We had anticipated a ABC
corrective wave up to the upper trend line
. We were right on the AB move but market news weighed heavy on the GBP and broke down with momentum. Sure technical traders time and time again swear by their charts and I am one of them but that is not to say some economic and geopolitical news cannot have significant influence in market moves.
As technical traders we need to observe those and re-examine the outcome which could result in a technical trend in the opposite direction that could be our best friend.
With the recent negative momentum and break of the lower trend line
....we wait for pullback opportunities for sell opportunities but not until they present themselves to us.