GBPUSD(W) will likely fall deeply to 1.2300 in 2-3 weeks

10 de dez. de 2023

GBPUSD(W) will likely fall deeply to 1.2300 in 2-3 weeks

• Last week, we could see that the GBPUSD exchange rate had a clear reaction to the 0.618 Fibonacci retracement zone of the previous down wave. (Chart)
  
• With weekly price reactions like this, it is likely that the exchange rate will fall to the Fibonacci retracement zone (0.238) of the down wave, which overlaps with the Fibonacci retracement threshold (0.618) of the previous up wave. This corresponds to the price area at 1.2300.
  
• And of course, I expect that it will decrease to this price range within 2-3 candles, corresponding to about 2-3 weeks with the current price range.