So we have basically hit target at 1.5420, we have reached 1.5418. The market is entering overbought territory and because we have hit our target and longs have been covered we would be looking at selling the market.
We would not be holding shorts however if the market went above 1.5430ish, as a break above here would see the market come higher and perhaps try for the 50% Fib level of 1.5603. That is quite a way away yet and I do not think that the market has the legs at this moment to trade that high. I believe we need a correction first...
Now correction should be swift and we would look at 1.5300 as a place to take profits and for longs to be reinstated. We would hold longs unless a break is posted below 1.5270.
GBP/USD" title="GBP/USD" width="989" height="619">
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GBP/USD: A Selling Opportunity?
Published 06/06/2013, 08:21 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: A Selling Opportunity?
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