GBPUSD has broken below an important support level of 1.6000 level. It seems that currently GBPUSD to setting itself for a move towards 1.5825 level and we might also find GBPUSD breaking the 1.5825 level and then target 1.5755 level. The 1.5755 level is also a strong weekly level.
Currently traders will be looking to sell GBPUSD and a good selling level can be seen around 1.6110 level and especially the Intra-Day traders will be focusing that level for a nice intra-day trade.
The short term Moving Average is also crossing the long term Moving Average in the downward direction and it is indicating start of downward trend.
On the upper side, if GBPUSD managed to break above 1.6100 level, the next level to be tested by GBPUSD will be something around 1.6170 level and break of 1.6170 will trigger short term trend towards weekly resistance at 1.6340 level.
The RSI in daily charts is at 41 and is a bit on the lower side but seems to have more than enough space in it to allow GBPUSD a smooth move towards 1.5825 level.
Overall scenario is suggesting an intra-day trade for GBPUSD for decent targets and use of stop is highly recommended as the reversal of selling trend seems also quite possible.
Latest posts by admin (see all)
- How to Use Candlestick Patterns to Start Winning More Trades - March 19, 2017
- Weekly Review Strike 3.0 - December 16, 2016
- I made 3.91% Return Today - October 20, 2016
Winner’s Edge Trading, as seen on: