trustbrokergroup

GBP/USD SELL - 06/10/2017

Short
FX:GBPUSD   British Pound / U.S. Dollar

GBP/USD fell down yesterday and broke down the lower boundary of the consolidation. The move was abrupt and on large volume + two new resistance levels were created. The first one 1.3184-1.3204, the second 1.3124-1.3145. Both levels contain increased volume. Given all these facts, we should consider exceptionally short positions. We can enter the market after a resumption of the fall from the current level or after a smooth upward correction. A stop loss should be placed above the resistance 1.3124-1.3145. A potential of the deal is 140-150 pips. If the price breaks out the first resistance during its correction, we can apply the same scenario to the level 1.3184-1.3204.

The bottom line: short positions are in priority.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.