GBPUSD – Can’t Break Above Near Term Resistance
For the last several days, the Cable has been unable to break above the 1.6275 near term resistance as you can see in the 1hr chart below. This is a key role reversal level short term. It should be noted bulls are consolidating near this level, with sellers yet to push back heavy. My sense is they are waiting higher up to sell with their larger orders, while having some small orders parked here.
For now, this level is key, and price action is likely to be tight absent any news about the latest Scottish poll results.
If 1.6275 breaks, then a trip to 1.6440 is the next upside target for the bulls. For bears, they will attempt to target 1.6150/60 near term, but again – all hinges upon the Scottish vote.
