Hey guys,
Just updating the situation on GBP USD
As you guys can see we broke the ascending trendline, but boy there is a lot of buying pressure still holding the price down.
It is now hovering above BLUE 50 EMA.
It managed to get as far as 9408 after bouncing of 9454 (todays high)... but it is really struggling to get below that 50 EMA, everyone knows if it does it will drop.
Its a tough situation, and you may go crazy if you're in a position right now, so just set your stop above the last high and wait.
A little patience can go a looong pippage
Regards,
E. Lang