Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5920 (Horizontal Resistance), 1.5320 (Horizontal Support), Downtrend Line
Our previous consideration of this pair to reverse and gain its previous trend, which is up, is now invalidated and the only way to trade this pair right now is by selling it. GBPUSD is so weak right now. Recently, the price broke the support (which is now the resistance). This indicates that we won't place a trade right now, as the price just broke a significant level. A retracement back to the resistance is what we want to see here and that would be the time we'll place our Short trade. Another possible trade is when the price touched the Downtrend line and it holds, that would be another Short trade for us.
Trade well.
Medium term trend: Down
Significant Levels: 1.5920 (Horizontal Resistance), 1.5320 (Horizontal Support), Downtrend Line
Our previous consideration of this pair to reverse and gain its previous trend, which is up, is now invalidated and the only way to trade this pair right now is by selling it. GBPUSD is so weak right now. Recently, the price broke the support (which is now the resistance). This indicates that we won't place a trade right now, as the price just broke a significant level. A retracement back to the resistance is what we want to see here and that would be the time we'll place our Short trade. Another possible trade is when the price touched the Downtrend line and it holds, that would be another Short trade for us.
Trade well.