Big level for GBPUSD could be a deciding factor
1.3180 is the 50 fib of the 2017 rally. It could well be a very key level as there’s not much underneath if it goes.
The stand out level is around 1.3040 but we do have the 100 WMA at 1.3067. Yesterday there were stops sitting through 1.3180 and I’m not sure if they’ve been hit in this move to the 77 lows. I would suspect not so look for a break to run quite a bit further.
Should we bounce, 1.3200 and 1.3220 are the places to watch for resistance. We’ll need to get back above 1.3230/40 to relieve some of thios bearish pressure.
I’m toying with joining H with a very tight short around 1.3200 or going with a break of 80. As I’ve just said on the GWTF, I’m wary of shorting down near the bottom of an already big move.