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FxWirePro
Nov 19, 2014 12:57 PM

We has adjusted stop on its GBP/USD short Short

British Pound/U.S. DollarFXCM

Description

Positioning Bias:

Short term trend: Bearish

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: 1.5638

Kijun-Sen level: 1.5686

Ichimoku cloud top: 1.5851

Ichimoku cloud bottom: 1.5890

GBP/USD short term outlook is weak as long as resistance 1.5900 holds.

The pair is facing minor resistance around 1.5789 and any indicative break above would extend gain to 1.5816/1.5886 (50% retracement of 1.6181 to 1.5591).

The pair's support is around 1.559 and breaking below will take the pair to 100% projection of 1.7190 to 1.6051 from 1.6523 at 1.5384 next.

Recommendation: Sell GBP/USD around 1.5800, SL 1.5900, Target 1.5384.
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