Pound is clearly in a downtrend. Considering a possible scenario for the coming week.
Price to move back to an area of confluence
1. Monthly Pivot
2. Just beyond .618 fib retracement
3. 50 period MAV
Wait to see signs of price rejection for entry.
The area of invalidation would be beyond the recent swing high
The target is the area between the .272 fib extension and the monthly S3 pivot .
Risk Reward is 3....:)
Price to move back to an area of confluence
1. Monthly Pivot
2. Just beyond .618 fib retracement
3. 50 period MAV
Wait to see signs of price rejection for entry.
The area of invalidation would be beyond the recent swing high
The target is the area between the .272 fib extension and the monthly S3 pivot .
Risk Reward is 3....:)