GBP USD - update from 18.08.2021

Sellers took control of the market yesterday with an expected downside move, we are now experiencing a pull back on the four hour which;
1. looks to correct to 1.3718X in the Fibonacci structure, for further sells.
2. The monthly has been broken, but the close of the market needs to distinguish a clean break for confirmed further selling power down to the Fibonacci targets and imbalance targets respectively.

To explain further - take the Fibonacci from the 1.43 to the low of 1.3574 gives the weekly Fibonacci.
The daily comes from the sell zone in orange giving you the point 1 to point 0 of the low.
We are now experiencing a pullback on the four hour/daily Fibonacci referring to "0" at 1.3718.


Only looking for sells.
Enjoy the trading.


About me,
Professional analyst at a hedge fund
Technical approach only.
Experience with FX markets and private equity deals.


XYHLX