Last week I said the bottom was very close to being in with the GBP: https://evancarthey.com/gbp-british-pound-going-rise/. A day later the flash crash happened and price went down another couple hundred pips. I knew the bottom was close and now it is even closer and the bottom may actually be in.
Every GBP chart is extremely oversold but one chart seals the deal, the GBP/JPY:
Price is slightly lower than the 423% fib extension level in the GBP/JPY chart. The bottom is 98% in and the target for the eventual retracement will be around 157.53. The reason why I am not 100% sure the bottom is officially in is because I have seen price go slightly past the 423 from where price is now but for all intensive purposes the bottom is in. If price does go lower it won’t be for very much more lower than the previous low.
The huge downward move of the GBP is over for now. Get your longs ready. The next big move will be to the upside for the retracement of the GBP/JPY to around 157.53.
