Quick post to map near term Support/Resistance zones. GU has retraced most of the jump last week already. It is at a Support now, but looks likely to go lower.
We can expect a "Relief Rally", perhaps after NY open. If/when it bounces, the "Decision Point" will be important. If it breaks below "Strong Support" it will go much lower.
The "Strongest Support" will be found at this . The "Big Picture" fib of relevance is . The "Major Resistance" will be found much higher at this .
DISCLAIMER: - I am NOT in tune with the weekend Brexit developments. - I am NOT trading GBP pairs due to random news events. - This is a map to GAUGE just how weak this currency is.
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Moment of Truth
Here we are "Very Strong Support" Will it hold? I dont know ... but IF we are to get a "relief bounce", then THIS would be the place to make that happen. =====================================================================================================
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Key Tidbit
My expected "Very Strong Support" was based on this Fib Picture perfect 4.236 peak, with retrace to 2.618. BUT if it breaks below, we can see the next two stops on this journey.