Forex Marketz Daily Forex News – Fully Markets Update
The GBP/USD Forex market continues to inch higher. At the time the Sterling is looking to challenge technical resistance levels above the 1.5 pivot.
Technical Analysis
Technical analysis for today notes a bullish engulfing candlestick and resistance at 1.5648. A daily close above this level sees resistance at the 1.5795 level. The alternative analysis, should the Sterling move lower, notes near term technical support lining up at 1.5465. A close, on a daily basis, below this level challenges the technical support lining up at 1.5351.
Trade Strategy
Let’s delve into my trade strategy which is pretty straight forward. For right now, absent key risk event, I am only going by my charts and technical analysis. Price action today is too close to a technical resistance level. This means going long GBP, from a risk to reward perspective, is not justified. Timing is off. There are no bearish reversal indicators as well plus a positive RSI indicator. For now I will opt to stand aside and monitor my charts for a better trade opportunity.