As a result of delaying in Brexit Vote, Sterling might find some support before going Long again for the remaining days of the week. Any positive outcomes on Brexit will sparks bullishness of Sterling further. However, as the Fibonacci 78.6% awaiting as resistance zone at the price around 1.3075-1.3100 it might conclude that the upward movement is market intention...
The Cable held a 61% fib level and bounced from here, thanks to the possible Brexit deal. We may see a complete ABCD cycle before the Brexit happens. 1.268XX looks like an ideal target for the bull-run with U.K. and Irish are working on the pathway to a possible Brexit deal. ----Point "D" meets absolute downtrend line colored in red----
The cable had a nice run for a few days, now we are at a point"D" which I consider perfect area to sell the Cable.
We may see continuous fall from this point until Brexit happens if the Cable goes south.
Give enough room on your SL for a favorable result.
GBP's downtrend has started but we may see a small upward retracement.
It is possible to retrace 1.224XX level and continue to trend downward.
SL above the red trendline, the target is 78% fib level of the entire cycle(September resistance)
This is low hanging fruit setup.