GBPUSD long scalp Idea for the Brave: Pound to bounce?

May 8, 2019

Quick plot to observe behavior around Fib Confluences.
I am NOT trading GBP pairs due to crazy news moves.
But always observing, and price action here will be telling.

Blue fib is of the wave up which ended at a 4.236 (very common).
Red fib is of the Ripples caused by the Weekend Gap down.
Confluence of 2 always interesting, and there are two such zones.

Red 4.236 might form a back stop for blue 2.236, a common retrace from a 4.236 top.
That support would also be Bulls' attempting to defend 1.30000 psychological level.
But Support a "Blind Man Can See" is 1.298 exact confluenc and previous launch pad.

I say "For the Brave" or I guess "For those who know UK politics" because I am neither.
Even during "normal" times the Pound is a dangerous partner, as she like to hurt people.
Ever since Brexit, have been scalping and closing quick with either flesh wounds or a small loot.

May 8, 2019

Note

Looks like Red is wrestling control away from Blue so the red 4.236 is almost assured I guess.

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May 8, 2019

Note

At first support, not touched the 4.236 yet but showing some elasticity here

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May 8, 2019

Note

Oh well, so much for that first support, now eyes on the real target

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May 8, 2019

Note

Now approaching the forecasted support lets see if it holds

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May 9, 2019

Note

Since my last update we got a wee bit of a bounce very close to the forecasted support. But US market did not buy as much as I thought it might. So lets see what UK session does next. Thus far the bounce is by no means 'impressive' :(

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