GBPUSD

14 באוג׳ 2014

Market sold off heavily yesterday, thanks to BOE Governor. Market closed below key support zone 1.6700. Expect more downside towards next support zone 1.6550-1.6600. This is also the zone where the bullish cypher pattern will complete. It also coincides with 61.8% Fib retracement from the double pin swing low to the highest swing high. This looks to me like a highly confluent, high probability buy zone. Of course, subject to further confirmation via price action in that zone, if price ever reach there.