Inside day leaves the overall scenario unchanged: 1.5299/95 is support. If we go just in front of here, at1.5305 and go long. Stops should be kept quite tight below 1.5259 which is the short term 50% Fib level.
If we lose this support we will see further downside moves with 1.5235 to 1.5200 then the targeted area. Again, because of the bullish stochastics we will still be buying into weakness.
Let's assume 1.5295/1.5259 support holds, we will see another challenge on 1.5368/78. Cover longs. We would go long again if above 1.5390 as a break above here should take us higher once again, and we would be looking at the market coming to 1.5420/25.
This area of resistance is important as it is the 38.2 Med term Fib and also the 200 day M/A, so it will offer a lot of resistance and we would be covering any longs just in front of here, and looking to resell the market.
GBP/USD" title="GBP/USD" width="989" height="620">
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GBP/USD: Overall Scenario Unchanged
Published 06/05/2013, 08:26 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Overall Scenario Unchanged
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