Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5676)
- Resistance Levels: 1.5715, 1.5823, 1.5930
- Support Levels: 1.5540, 1.5448, 1.5210
The GBP/USD is trying to recover some lost ground. This move was expected after a bullish reversal signal was noted on the above MT 4 daily chart. Here we can see the piercing line candlestick and we are now testing the falling trend line which is supporting a 5 month old resistance level at 1.5715. A break and daily close above this level will open the doors for the Sterling to test 1.5823. This is near the November 27, 2014 high. Should the GBP/USD move lower, then we see short term support lining up at 1.5540. A break below this level will challenge 1.5448 and lower.
Since we are near a resistance level, I am hesitant to enter a long trade. Makes little sense from a risk to reward perspective. There are no clear bearish signals so taking a short position is also not relevant for right now. Timing is poor to enter a trade. I will sit and watch this Forex pair for a bit longer.
Trading strategies are for educational purposes only and do not constitute trade advice. Please do your own technical analysis to support my own and before placing any trades.
