Sell GBP/USD on breakout major support Fib Exp. 61.8%

We are going to sell GBP/USD due uncertainity on brexit remains. We expect further breakdown on the short side and expect the major support area around 1.300 not to held.
Once this support failed to hold. (bleu box) the GBP/USD has free room to advance to the full retracement on the daily TF to 50% and 61.8%.
If the 1.3000 area will hold. We expect ranging area between 1.3000 and 1.32. Which is not a great buying oppertunity due the downside risk. Risk reward ratio is low.

Yorum:

Despite of the huge upswing. It was still within the expectation since it did not breached the major support as mentioned above.
We stay short within the markets range 1300-13200. If the market breaches long we stop out above the trend line.

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