We will see the fallout from yesterdays historic event for weeks if not months before everything settles into an orderly pattern. We did eclipse the pivot low which puts high high time frame into a down trend (LH, LL). On the weekly we have not finished the "C" leg so there may be a touch more down before a bigger correction. The correction may retrace to the weekly trend line (gold) and then down in a channel or may be of a higher time frame and run up back to the monthly trend line.
MACD and AO suggest no internal divergence indicating room for more down.
Although a 50% retracement of the "A" leg usually gives a shorter "C" leg than a .618 or higher. The price columns suggest we could get near to par before a big move up.
Of course we could bounce up and through the monthly trend line signalling the "big" move up has started. Situation awareness suggests big money will not be chomping at the bit to buy sterling anytime soon.
Educate yourself, Create a trade plan, Validate your trades with other trader's ideas. Own you trades good or bad.
MACD and AO suggest no internal divergence indicating room for more down.
Although a 50% retracement of the "A" leg usually gives a shorter "C" leg than a .618 or higher. The price columns suggest we could get near to par before a big move up.
Of course we could bounce up and through the monthly trend line signalling the "big" move up has started. Situation awareness suggests big money will not be chomping at the bit to buy sterling anytime soon.
Educate yourself, Create a trade plan, Validate your trades with other trader's ideas. Own you trades good or bad.