GBPUSD Projections week of 8/12

GBPUSD

All-Time lows
Extremely important price level/support level
Psychological number
Relief imminent

Expecting a period of relief or consolidation. Look for price to have a hard time breaking structure in the short-term, but once there is a break, it will make large moves quickly. Price is currently at a level that has shown extreme support in the past and that has not been seen many times before. I do not have a projection for the direction of the break, but by looking at the momentum it is carrying, I wouldn't be surprised if price put in a few more bearish candles before finding bottom. But, bottom is coming, so expect to start seeing reversal patterns form.