FX:GBPUSD   British Pound / U.S. Dollar
On my recent posts I aimed to having spot similar correction structures on different instruments. I believe GBPUSD             have the same structure, a corrective triangle, but this time, after the correction finishes, trend will continue lower.

By first week of October, I believe we may start a last correction wave in the triangle which should close the gap formed on Brexit night. Once there, I will short with first target at 1.21. From the fundamental point of view, once Article 50 is activated, Pound should strongly depreciate to the rest of currencies.
Comment: I bet Theresa May had a different view... However, 1.2817 and 1.2795 are very important to watch! Below that GBP may start falling into the abyss
Comment: GBP destroys one resistance after another... I posted an alternative wave count inside a broken triangle. If we consider that, when a triangle is broken, further movement normally equals the lenght of a triangle, our target for now is indeed 1.21 ish
Comment: And now we shall stay and watch. Risky traders can try tiny longs
Trade closed manually: Updated a long-term view on a different chart
This I like very much. It appears on Oct 1, that Ms May (in charge of "how-to" Brexit) Has announced Brexit will NOT happen?!?!? See/Read what now happens Newswise, Oct 2 and 3.
+1 Reply
Indeed, Sir! Thank you for your comment

Brexit may have been predictable from the charts but the event was too serious! I think it hasn´t got a big influence yet because, as it was said at the beginning, nobody really have calculated losses and possible major consequences
RrrussT1 captain_smollett
Heyyyyy... Rt now GBP/USD is at 1.2613, & I believe no one wants to touch it ahead of NFP's!! I have a trade on here since early this morning, Short, + $1,241 and I'm just watching it like a hawk... I think some of us who are brave, will take this below 2600 during Asia. Maybe not, May Be!! There's a LOT of GBP news @ 1:30an PST.. Buyers prolly getta boost at that time.. hopin' for a Drop to 2970, or 2955. Much Luck, Much caution. :)
RrrussT1 RrrussT1
OOps, did the numbers wrong .. It's now dropping, currently @ 2609
OMG.. Hahaha Too bad I had my TP @ 2570!! Soooo disappointing as it dropped to 1.18??? And I was watching it that minute.. with 1 5 15minute charts and 1 hr. Spreads @ FXCM Broker were 39 pips at times during that move!! What's up with that??
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