Will_svk

GBPUSD quick long and back to shorting

Short
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD quick long and back to short, price now at a 0.618 fib retracement at 1.30 psycho level, as well 50EMA of the daily but bearish momentum is present with two huge bearish candles on the daily, weekly printed a bearish engulfing so no reverse at this time from a weekly resistance. Perhaps buying now as there should be some buying pressure at this level but only to gain a couple of pips and to go short again at the descending trendline. Since there will be a lot of people buying at this level 1.30 I expect the trendline bounce to be significant as bull's stop losses will get triggered below 1.30 level. Everything is also supported by the overall strengthening of the dollar.

Note, the target for short is only for reference and may change upon market conditions.