philocrypt0

Acceleration toward major support

FX_IDC:USDGBP   U.S. Dollar / Pound Sterling
Brexit is causing volatile market conditions with deep, quick moves. USD/GBP failed to reach the previous swing high and now is showing acceleration toward the major support around 0.75. There is confluence here with multiple Fibonacci levels and convergence of a long-term up trend support meeting short-term down trend support. I believe the fib levels will be great opportunity for discounted prices, especially if we see a reversal candle close above the support.
Trade active: Hit right at the level and bounced nice. Close target at 0.763 near fib resistance and downtrend confluence. Stop right below low point at 0.7474. Considering the uncertainty of the situation small profits could be enjoyed at 0.757 and then a wait to retest 0.75.
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