Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5606)
- Resistance Levels: 1.5665, 1.5770, 1.5840
- Support Levels: 1.5580, 1.5490, 1.5380
The GBP/USD remains under selling pressure. The bears have been in charge as the Sterling has fallen for five straight days. We now need a daily close below 1.5580. This will open the doors for the Sterling to challenge the technical level lying at 1.5490. Should we recover at this point, we would then need to break back above 1.5665 in order to make a run at the technical level near 1.5770.
Let’s look at some trading strategy for today. It is very tempting to enter a short trade here. However, we have the Monetary Policy Meeting (MPC) today. This could cause a shift in direction very fast. Depending on what we here. Also, from a pure technical standpoint, price action is wedged between two technical barriers, support and resistance to make placing a long or short trade. At least from a risk to reward standpoint. Due to this, I am standing aside for now. I will follow up my analysis after the MPC decision later today.
As always, trading strategies are purely for educational purposes. Trading any financial instrument is risky. Please do your own analysis to support what we do here.
