tradeforaliving
Short

Pound in the overbought region very likely to retrace

FX:GBPUSD   British Pound / U.S. Dollar
150 0 1
Positive economic data from UK have fueled the bulls in this pair and as not exciting US data dwarfed expectations for a taper the british pound rallied considerably in the last few days. By looking at the RSI and bollinger bands the pound seems to be overbought and although the momentum is still in a uptrend this pair may need a healthy retracement. This idea is supported by the fact that GBPUSD             touched the soft target of 1.5880 that could offer some resistance. I expect this pair to bounce back and the first target I see is 1.5750 and the next is 1.5650. Anyway ahead of Wednesday is recommended not to enter heavy in your positions and keep nimble.
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