We might see bulls trying to take control at 61.8% area. If it fails here, price will target the low at 128.5. If it succeed however, that's another impulse up baby! (:
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Price is currently supported at 61.8%. Looks like a breakout is imminent. I am sideline for now.
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Breakout to the downside. With current downtrend prevailing, i don't think its a corrective structure anymore. It looks like a beginning of a long new downtrend. Rate cut and QE program from GBP supported this.