GBP/USD has broken major support 1.5250-60 (200 day 4 HMA) and is trading well below that level. It should break 1.5180 (61.8% retracement of 1.4950 and 1.5512) for continuation of bear trend and below that it can reach till 1.5090/1.5050.
On the upside short term resistance is around 1.5300 and nay break of will target 1.5350/1.5380.
Indicators (4 hour chart) CCI (50) – Sell CCI (14) – Sell Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5260, SL 1.5300, Targets 1.5181/1.5105.
Comments
DerekUweri71
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Have you already been triggered into this trade ?
DerekUweri
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Hi FxwirePro, I would like to know how economic data such as the MPC rate statement today will influence your execution of this trade. Do you ignore the news or what?
FxWirePro
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We never ignore the major economic event.But there will not be any change in MPC rate statement . So it will not affect the GBP much
DerekUweri71
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Thank you very much. As you can see, I tend to struggle with economic events.