My humble view on the GBP:
Two sets of fibs here:
One from the low of June 8, 4335, to the recent top, colored violet.
The other from the low of June 10, 4507, to the recent top, colored yellow.
Price has stopped at the confluence of 61.8 violet, and the 100% yellow,
a likely place.
The fact that there has been a Daily close under the 50% violet fib suggests more Bear to come.
The first two retracement levels, 4550 and 4600, are strong confluences of resistance, but a retrace and failure to 50% of the yellow fib can not be ruled out.
If it breaks and closes over 4630 I'd say longs are in play, but my bias is definitely that the bear will come through.
Good Luck next week-
Two sets of fibs here:
One from the low of June 8, 4335, to the recent top, colored violet.
The other from the low of June 10, 4507, to the recent top, colored yellow.
Price has stopped at the confluence of 61.8 violet, and the 100% yellow,
a likely place.
The fact that there has been a Daily close under the 50% violet fib suggests more Bear to come.
The first two retracement levels, 4550 and 4600, are strong confluences of resistance, but a retrace and failure to 50% of the yellow fib can not be ruled out.
If it breaks and closes over 4630 I'd say longs are in play, but my bias is definitely that the bear will come through.
Good Luck next week-