LITTLE ROOM TO RUN FROM HERE; SELL @1.6120
Gbp/Usd: With daily studies so remarkably stretched, we continue to look for opportunities to establish counter-trend short trades on overdone intraday rallies. The market has finally broken above critical psychological barriers at 1.6000 and any gains beyond this barrier are seen limited with the greater risk for a more significant corrective pullback. As such, we will apply daily ATR (Average True Range) analysis which projects a potential daily high just over 1.6100, to isolate our ideal entry point. Strategy: SELL @1.6120 FOR A 1.5520 OBJECTIVE, STOP @1.6270.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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