Joined Mar 2016
Following on from yesterday on the 1 hour the bears did indeed find support and struggled all day long to hang on to it, still the bears did manage to trade below the average all day also rolling the average over to the downside.
The question today is going to be can they maintain this and break the previous swing low average and even reach the support at 2907.
Since the daily is still strongly bullish I would expect the 1 hour to bounce rather than break the lower average.
Joined Mar 2008
Status: Name real with real own way
no change here , target 1.3240/3374 still to reach or try but waiting for a correction with bo 1.2913 /000 for 1.2850/ 2754 min to 1.2615 bfore target . so watching for bo & hold first before any jump. take care , fontu
The problem with trading GBP/USD at the moment is that different brokers have different prices for the low of the flash crash, so it's difficult to draw long-term fibs. Some brokers have their low as something like 1.1425 but this was just because of an unusually wide spread. Bloomberg has the low at 1.1841. It makes a big difference. The 50% fib could be either 1.3440 or 1.3215 depending where your flash crash low is. If you use the Bloomberg data then the high of the past week is just below the 38.2 fib.