If classic Wycoff theory holds, this new 2018 daily low will be a false break down and pop back up. Watch carefully the level around the previous 2018 low and Year CAM S3 shown above, which was officially struck today.
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I need to see some price action to confirm this, and so far nothing really. This morning had another big leg down with volume but buyers have not chosen to v-bottom it (yet).
Opened trade when yesterday's high (July 19) was broke today. The EU long legged doji with heavy volume on support was key. Notice another tap on the main descending pitchfork bottom rail. Each time this has happened we have had a pullback. This seems real to me off the Year CAM S3 pivot.
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I expect a larger recovery for next week as GBPUSD seasonality kicks in, link above.
@mortdiggiddy, Your technical setup is great and I see exactly the same. The issue is with the pound is the sentiment of negativity surrounding it which is unpredictable at time.