Forex Marketz Daily Forex News – Fully Markets Update
The Sterling has now hit a three week low in the GBP/USD Forex market. Sellers are now looking to challenge support just above the 1.53 pivot. There is technical support today lining up at 1.5338. A daily close below this level challenges the technical support at 1.5190. Should the GBP/USD move higher, we see technical resistance lining up at 1.5499/1.55. A break above this technical level challenges the next resistance level at 1.57. This level is the high reached on May 21.
Trading strategy today, I am not entering a short GBP this close to a support level. Timing is off from a risk to reward perspective. There are now clear bullish reversal signals as well. This means entering a long GBP or short USD trade is a bit premature. For now, I am going to stand aside and monitor my charts.