Dear traders, the GBP/USD is showing massive bearish momentum. Price has fallen from 1.32 to 1.22 for a 1,000 pip drop. What is next for the currency pair with the nickname Cable?
The GBP/USD is now testing the Fibonacci retracement levels of the wave B vs A (purple). The deep Fib levels such as the 78.6-88.6% are the last support levels. A break below the 100% Fib places price in a downtrend. Whereas a bullish bounce could indicate the end of the ABC (green) and a potential recovery.
