Things are normalizing after Bexit and the GBP is looking somewhat resilient against all currencies . We are in a wait and see mode. As per the chart if the pullback is steep and impulsive we could be in a sharp ABC down move or perhaps an ABCDE move all the way back to the upper daily pattern line.
If the pullback is shallow we may have another down move deeper into the area of confluence before the bigger retracement.
If the pullback is extended shallow it would indicate a larger TF correction with a much bigger move down. This would indicate the daily up trend is over.
If you are new to trading I would suggest do not follow any one trader. Not every traders style will work for you.
Educate yourself, create a trading plan, validate your trades with others ideas and own your trade.
Good luck trading
If the pullback is shallow we may have another down move deeper into the area of confluence before the bigger retracement.
If the pullback is extended shallow it would indicate a larger TF correction with a much bigger move down. This would indicate the daily up trend is over.
If you are new to trading I would suggest do not follow any one trader. Not every traders style will work for you.
Educate yourself, create a trading plan, validate your trades with others ideas and own your trade.
Good luck trading
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