Trade77; GBPUSD May Bounce Here 7pm


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

After this massive move down because of the great weakness of Cable, now I expect a retrace from here.

As you can see in the chart above there are three important areas which price has reached them and now struggling there and is indicating a possible retrace with forming a short bounce now.
1.5350, daily trendline and daily 200sma are those important areas I mentioned. I like long scalp positions here with tight stops and I don’t like swing trades now.
Stops should be below the trendline and ultimate target would be 1.5500 and 1.5550.

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Regards

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