sgmmurray

sgmmurray

GBPUSD retraces 38% of the move from 1.03 that started Sept 2022... target is 1.208. Then it retraces to 1.2307 (23.6% of the downward move from 1.32, assuming it reverses at 1.208). Then it drops to 1.175-1.18, 50% of the move from 1.03.

sgmmurray Updated 

If we don't get a meaningful correction now, I expect this to go straight for the last high of 0.48, form a double top, correct to monthly resistance (yellow line) of 0.41, then take off for a higher double top at 0.84 (see September 2021 high). After that, who knows. May as well go for $2 but Bitcoin will have to be hitting all time highs for that to happen, imo.

sgmmurray Updated 

I expect a pump to 0.38 - 0.41 (Weekly SR lines are red, Monthly SR lines are yellow). Then rejection with final support at Weekly / Daily (white) confluence around 0.24. HOWEVER... we are at monthly support now. It's possible the correction is over. Just doesn't feel like it. Any sharp upward moves are likely exit liquidity and should be faded.