Quick plot to observe behavior around expected support zones. Pound is very difficult to trade given the many political whipsaws. It does look bullish to me in medium term, so looking for bounces.
Green 5.618 appears to have marked end of wave up. Green 3.618 would be first expected retrace target. Green 2.618 should be strong support if approached.
Red 4.236 could be end of a wave down (perhaps A of ABC). Red 5.618 could be end of extended wave A to bounce a bit. Red 6.618 near Green 2.618 should end retrace if at all bullish.
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UK econ news caused a drop, which fell right into the first support zone and is now bouncing around within. I think it is more likely to drop to next zone down, than to climb out. But lets see ...
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Here we are at the second support zone as expected lets see if it holds...
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Dead. Next?
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Finally, looks like a support that might stop the bleeding.
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Indeed the lowest support held and bounce it to next one up, now retesting
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Bounced all the way back up to first support, which should now act as resistance
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Interesting Ping off support just now Perfect kiss of the zone and instant jump.
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Absolutely gorgeous price action after the first bounce
Zoomed in we see the exact "Pings" on the lines/zones
But now it might be breaking loose a bit, so there may be a new impulse at work, will evaluate further.