We prefer to go short on GBP/USD

FX:GBPUSD   British Pound / U.S. Dollar
265 1 2
Positioning Bias:

GBP/USD             made a high of 1.5275 and has retreated from that level. It is facing short-term resistance around 1.5275 and any break of will target 1.5335/1.5409 in short term.

GBP/USD             is trading in narrow range for past two trading session. The UK unemployment data is major indicator to be released tomorrow. It is expected to fall to 5.9% in the three months to November. A weaker than expected figure should exert downside pressure on cable.

On the downside minor support is around 1.5030 and any indicative break below will target 1.4825/1.4639.
Overall trend reversal on 1.5585 (support turned into resistance).

Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell GBP/USD             around 1.5155, SL 1.5275, Targets 1.4825.
How do you know what orders any bank placed? thanks
+2 Reply
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