GBPUSD Top Down Analysis

IeiosTheTrader2 posted:
This is my first post here and I am just here to share my ideas, do well to comment your own opinions. From the daily time frame structure, price movement remains very bearish from 2021 and climaxed at 1.0430 in 2022. correction began late 2022 till mid 2023 where price has obtained a discount at 1.3140 which is also the Fibonacci level 32. Price to be expected to complete its circle with a move down to Fibonacci level 1.61 which is at 0.8060 this gives an estimate of about 4,300 to the downside, this move will be confirmed with the price closing below 1.1788 on the daily timeframe, therefore we need to see how price journeys down from current price at 1.2380 to 1.1788 to the intraday, in the intraday, we will looking at price closing below 1.2300 this close below this would expect a corresponding correction to bring price up so that beers can come in and enough liquidity will be daring to push prices down , I am currently positioned at 1.2380 for a sell down to 1.2200, stoploss is at 1.2400.I will update this as we progress