Yesterday saw the price action fail at 1.5603. This was good as it meant it kept you in a short position and the algo systems failed to take out this resistance. We used this resistance once more today as a stop for short positions.
Currently the stochastics are conflicting with only the 60 min turning bearish, thus short term we expect weakness coming back to the Daily Pivot which is located at 1.5551 with 1.5556 being the overnight low. If we lose this support there is the 1.5495 support which should hold again, and therefore we look to cover shorts in this area.
Below 1.5495 and the market will trade lower and we would then be looking at 1.5470/60 as our first target. Cover shorts. We would like to re-instate shorts if the market makes a break below 1.5460 as this should then lead to further weakness with 1.5425/20 then being the targeted area.
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GBP/USD: Use Resistance As A Stop For Shorts
Published 06/11/2013, 08:29 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Use Resistance As A Stop For Shorts
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