Forex Marketz Daily Forex News – Fully Markets Update
The GBP/USD Forex market is moving higher again. The Sterling produced a Bullish Engulfing candlestick and started its bull trend as buyers have now broken through the monthly trend line resistance.
Technical Analysis
There is near term resistance lining up at 1.5465. A daily close above this technical level challenges the resistance that lines up at 1.5648. The alternative view, should the Sterling lose steam pushing the GBP/USD Forex market lower, sees technical support at 1.5341. This is the former trend line resistance now support level. A daily close below this technical support challenges the technical support lining up at 1.5170.
Trade Strategy
Today’s trade strategy is straight forward. Price action is in close proximity to a technical resistance level. This argues against taking a long GBP as timing is off from a risk to reward perspective. There are no clear bearish reversal signs arguing against taking a long USD (Short GBP) trade. For now, I will opt to stand aside and monitor my charts for a better trade opportunity to come along.