GBP/USD 61.8% Fib retracement

There is a pull back that is resisting at the 61.8% Fibonacci retracement, which is proving to be a strong line of resistance. The lows of this new wave are testing around the 1.2300 are which is where I believe this should fall down to as it continues in its consolidation.

Kommentar:

This simple but effective setup worked to perfection with the price coming right past my TP.