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That kind of setup where everything tells price will continue till the point where everything started so meaning the 1.28 area, when market lost confidence and started selling GBP blindly. There are 2 important levels to watch out:
1- The first one comes near 1.2650, when price lost on the downside what was a steep downtrend channel, and went down in "no-demand" mode till the flash crash! Could be a very good place where market will now go an test how much supply is left in there
2 - The second one is the obvious previous low near 1.2800 so meaning a possible move to completely recover the insane 800+ pips daily candle opened in 1.2750 to touch the 1.15 multy decade support (here printed as 1.19 ?!?)
Of course, given the insanity we have in GBP in recent times, we could see a parabolic "no-supply" mode candle to blow everything straight to deep 1.29 area extending to the 1.30 spot just because there was not really good reasons for that move down except fear and greed.
My demo target 1.2750. Real target 1.2730 but will be ready to cut in case of strong reaction near the above mentioned levels. Stops are already in profits.
1- The first one comes near 1.2650, when price lost on the downside what was a steep downtrend channel, and went down in "no-demand" mode till the flash crash! Could be a very good place where market will now go an test how much supply is left in there
2 - The second one is the obvious previous low near 1.2800 so meaning a possible move to completely recover the insane 800+ pips daily candle opened in 1.2750 to touch the 1.15 multy decade support (here printed as 1.19 ?!?)
Of course, given the insanity we have in GBP in recent times, we could see a parabolic "no-supply" mode candle to blow everything straight to deep 1.29 area extending to the 1.30 spot just because there was not really good reasons for that move down except fear and greed.
My demo target 1.2750. Real target 1.2730 but will be ready to cut in case of strong reaction near the above mentioned levels. Stops are already in profits.
