FX.co ★ What to do with the pound?

Good day, dear traders! After the collapse on Monday, all analysts unanimously recommended "shorting the pound" - and this is understandable. But please note that only my forecasts have a profit-fixing point, and it has already worked at the level of 1.29500.

But according to the old trader's assumption: "how many days have been consumed – so much will be the trend" - the pound has a great potential to continue falling. Let's see when and how it can be implemented in the most technically competent way.

I propose to consider the structure of "ABC" on D1:

As a rule, the testing takes place after a false breakdown of one or two days in the area of 50% of the rollback from the wave "A".

This can happen today on the news:

For more conservative traders, I recommend waiting for the Price Action signal around the 50% pullback from the absorption on D1.

Good luck with trading and control your risks!