The directional bias for the pound is down.
The area of interest to enter with the trend is identified by
1. Swing retracement in .50 - .618 levels
2. 50 period MA
3. Channel resistance zone.
Stop is above prior swing high ( false channel break)
Target is either
Initial
1. S2 monthly pivot
2. Prior failed swing low ( outside of channel)
3. .272 fib extension.
Final
1. Channel Support
2. S3 monthly pivot
3. .618 fib extension
Risk Reward is <2 .
The area of interest to enter with the trend is identified by
1. Swing retracement in .50 - .618 levels
2. 50 period MA
3. Channel resistance zone.
Stop is above prior swing high ( false channel break)
Target is either
Initial
1. S2 monthly pivot
2. Prior failed swing low ( outside of channel)
3. .272 fib extension.
Final
1. Channel Support
2. S3 monthly pivot
3. .618 fib extension
Risk Reward is <2 .