It has fallen against most other currencies, strongly against the AUD and USD. In the GBPUSD , neither the bulls or the bears have full control, and the pair is in full range mode until key levels are broken. A GBPUSD non-vanilla option is also expiring today at the 1.3000 level. Current major support holding on the is 1.2850. What's a trader to do?..Well I'm gonna try to trade the range...expecting a scalper's profits of course!
I am eyeing a possible reversal of the current fall on the GBPUSD . The pair is currently in a upswing retracement on the , with the 13 crossing the 200 . It's long term overall trend however, is . As you can see on the chart, the pair has come to a key level of support. It is the 1.2845-55 area. Price has NOT sustained a close below this level for a couple of days of now. All conditions are set for a possible reversal (buy). is above 20 (which means there is enough momentum in the market to move price). Once price does not break and close with a sustained move below the trend-line or yellow line, I expect bulls to take the lead in the leg up. Profit taking will take place just ahead of just 1.3000 level. Waiting for P&F chart to turn green for entry.
Safe trading all!