This Bear Move Will End When...The Pound Falls to Dollar or Euro Parity

When charts break major levels, it can be tough to find a target. Fibonacci levels are one option. When looking for a psychological number, I think parity between the pound and dollar is as good as any. The pound fell more than 5 percent last week. Another 8 percent is not excessive by comparison.

It helps that it lines up a fib level.

If you want to get more bearish though, the cross with the euro looks like a potentially huge top, or potentially huge base for EURGBP. That makes sense though. If all fiat currencies will die, then I think the UK being independent increases the odds they devalue before the Bundesbank. I mean ECB.