Gbpusd has retraced for now. Might b consolidating. But bias is still to short! Anybody going long instead?
Yes me! But only to 1.59.
The British pound followed the EUR in last couple of weeks and since it reached the pick at 1.60, it fell back to 1.565, which is the lower boundary of the tunnel, which the pair has traded in. The pair slightly broke the
support but turned over almost immediately and now everyone that opened short positions under the support, are facing loosing trades. This emphasizes how important is to find smart points for enter in order to take
profits when everybody believes it is the time to get in.
Before the pair broke the support, it was clear that it was about to correct up due to stochastic low levels.
The pair reached the strong support at 1.585, which is also close to the 200 SMA that the pair has failed to
break several times. If the GBP successfully breaks through the resistance, it will try to break the recent high
at 1.60. However, if it does not succeed, it might make the bearish reversal and fall to 1.565 again.
Looks to be breaking short next week.
Going up for GU! Didn’t manage to participate at all…anyone did? And anyone going to follow the trend today?