GBPUSD 12663 CAUTION
GBP tagged 12663 yesterday and that is within the projected price zone , however a retest of this is possible therefore caution is required for now.
There is a consolidation zone between 12660-12830, many alternate counts and patterns will be in play
On the chart there are a couple of lines that I have drawn from around 12660
1st one being the purple and it is currently testing resistance @ 12735, above here then 12800 and 12850 become resistance
2nd red and green lines, green line =resistance between 12830-12970 & red line = previous consolidation = 12930
Support = 12700-12660, below here 12550-12500/12300-12200
There is a consolidation zone between 12660-12830, many alternate counts and patterns will be in play
On the chart there are a couple of lines that I have drawn from around 12660
1st one being the purple and it is currently testing resistance @ 12735, above here then 12800 and 12850 become resistance
2nd red and green lines, green line =resistance between 12830-12970 & red line = previous consolidation = 12930
Support = 12700-12660, below here 12550-12500/12300-12200
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price currently at 38%= 12870's from 13213-12662, above here 12900-12930 which is also 50% zone, end of consolidation or higher caution required as price can extend to 12900-12930 or consolidate from 12875-12930.
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