Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5396)
- Resistance Levels: 1.5570, 1.5785, 1.5924
- Support Levels: 1.5409, 1.5321, 1.5180
- Trade Strategy: Long @1.5371, Target 1.5550
The British Pound has formed a bearish Engulfing Candlestick against the US Dollar and has moved lower. Please see the below MT4 daily chart and note that we are testing the top of the channel support.
Near term support, channel support is at 1.5409 today. A break below this support level will challenge the technical support at 1.5321. A break above the congestion area that is at 1.5550 to 1.5585 will then target 1.1740.
My trade strategy remains intact for now. I have seen half my profit booked and have moved my stop loss to breakeven at 1.5371. I know there is a bearish engulfing, that tells me there could be losses on the horizon, but am waiting on confirmation with a breakthrough channel support. Till that happens I will keep my long GBP/USD open to capture more gains with my stop loss at breakeven.
