Broke out of the cloud to the downside, the usual Ichimoku sell signals
Fibs drawn, waiting for bounce and sell from retracement
Target 1 and 2 conducted on the daily time frame, i have also weekly targets drawn because i believe GBP can go a lot lower
Entry short Triggers = Kumo Twist bearish bias, TK cross, Breakout to the downside
All drawings are done on daily including targets.
50%-618% support and resistance from daily chart = price has bounced and retested these two levels before continuing down.
My first target is 1155.73
Future cloud is "dark" short bias
TK crossover to the downside
Fib retacement bounce off 50% heading towards Monthly support which is also my first target
Fib Extension 1.618% is my second target - Confluence in this area
Price is still within my weekly TL
Daily time frame Price is under cloud - Short signal/trade
Currently in a range
Better look on 4hr time frame - Price is ranging with a triangle formation, awaiting breakout to the downside bias
Using Fibs, looking at price between the 618 and 50% price has been turning around in these areas.
currently bearish kumo twist.
Can see price going to the next...
According to the banks, Oil prices wont break above $60 for at least two years some analysts say,
As we can see price hasn't been able to break through $60, therefore i can only see price going into a range for a long time.
Looking at previous structure, i feel price will move down to $54. That being said Buy low, Sell high