GBPUSD on the proverbial "Edge of a Cliff": GU clinging to 2.618

Quick plot to study the precarious GU situation.

GU just bounced off the green 2.618, perhaps for the last time.
2.618 extensions are like Rooks on a Chess board, always noticed.
Steadfast and dependable, if it breaks there is a lot of air below.

Sure it is obvious support even without fib lines to show it.
But given the relevance of that line, the others are confirmed.
Thus my plotted support zones below, at confluences of Fibs.

Usually in trend continuation moves, a 2.618 retrace is common but bounces to higher highs.
Here that exact move was attempted, but was only able to bounce to a lower high as result.
Now that we have returned to the 2.618, it will not be anywhere near as supportive this time.

Green 2.236 w/ Red 4.236 is first possible support, prolly not hold.
Green 1.618 w/ Red 5.236 is next possible support, should bounce.

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See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.

GBP.USD bounce call (great example of Fib relevance)
XAU.USD to $1367? (caught most of the spike)
Silver Bounce scalp (Perfect entry, still in play)
DXY top call (Upthrust warning just in time)
SPX recent top (Fib extensions at work)
XAU.USD long to short (recent perfect entries)
USD.JPY short to long (recent perfect entries)
EUR.USD long term Short (the very tippy-top a year ago)
AUD.USD long term Short (almost at a long term target now)

Of course, I have had total FAILS on some plots also, not going to pretend.
But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits.
Precision is the way of the Fib. Almost every turn happens at a Fib Line.

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코멘트:

And so here we are, fell off the cliff as expected, hit something hard with barely a bounce

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코멘트:

So here we are at the last possible support

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코멘트:

Closeup of the drop.
Notice the reaction at each zone, and with each Red Fib line

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