Good chance we start the next impulse to the downside from here. We had 2 last week and we got the correction of the second impulse since the start of this week up to 1.299 which is the 61.8 fib level and price got rejected from there. Next target for me would be 1.278.
I am mostly just a daytrader so I trade what I see but its hard to deny that we are in a downtrend since the start of the month(brexit) especially after we broke 1.29 last week and failed to bounce from multiple supports that were holding in previous weeks. And of course we needed a correction of last weeks sharp move, that doesnt mean bulls are in control. Fundamentals will drag the gbp lower for a few more weeks imo. When this gets resolved gbp could even push to 1.4 until the end of the year but for now I stay with my bearish view.
I am mostly just a daytrader so I trade what I see but its hard to deny that we are in a downtrend since the start of the month(brexit) especially after we broke 1.29 last week and failed to bounce from multiple supports that were holding in previous weeks. And of course we needed a correction of last weeks sharp move, that doesnt mean bulls are in control. Fundamentals will drag the gbp lower for a few more weeks imo. When this gets resolved gbp could even push to 1.4 until the end of the year but for now I stay with my bearish view.