GBP/USD now a full cent from the lows
The cable rebound has taken out the 61.8% retracement of the intraday plunge.
The tricky part here is the measurement. I've drawn the drop starting at 1.2235 but you could scale it from the top at 1.2241 and that would move the 61.8% level a bit higher. To be safe, you might want to see a break of 1.2186.
The textbook trade here would be to bet on a complete retracement now.
