ICmarkets
Short

Pending sell order set at 1.3475...

FX:GBPUSD   British Pound / U.S. Dollar
109 0 3
During the course of yesterday’s sessions the pound rallied close to 140 pips against its US counterpart, aided by a weak US ISM non-manufacturing PMI print. Well done to any of our readers who caught this move as this was a noted setup to keep an eye on yesterday. As is shown on the H4 chart, price is now seen rotating from supply chalked up at 1.3480-1.3425. The other key thing to note here is that this zone is housed within the confines of a larger daily supply area seen at 1.3533-1.3426, which in itself is supported by a weekly resistance area at 1.3501-1.3804.

Our suggestions: Quite simply, given the overall structure of this market, we feel that a downside move is likely on the cards. Personally, however, we’d like to see the bulls stretch to around the 1.3475ish range before shorting. The reasons for why are because the tip of a daily AB=CD completion sits around this region, and we also have to allow for the possibility of a fakeout above the current H4 supply to the 1.35 handle, which, of course, represents the underside of the weekly resistance area! Therefore, a pending sell order has been set at 1.3475 (deep within the current H4 supply) with a stop placed above the current daily supply area at 1.3535.
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