The GBPUSD has been in a strong uptrend as visible in this H4 chart. There has been a big spike higher and this pair currently forms a temporary resistance level from which it is expected to descend into its ascending support line. MACD is bullish and suggests further upside potential after a correction especially if it remains bullish during the downward move. RSI is trading in extreme overbought territory for an extended period of time and will not be able to maintain this condition. We recommend a short position at 1.6045 with...
Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.6225 Hedge Level: Stop Buy Order @ 1.6350 (Take Profit Level @ 1.6500) Take Profit Zone: 1.5850 – 1.5900 Stop Loss Level: 1.6350 (We will not use a stop loss order and execute this trade as advised below) The GBPUSD has rallied after touching its horizontal support zone as visible in this daily chart (D1). This currency pair is now trading inside its horizontal resistance zone which is marked in red in the above chart. We expect the GBPUSD to correct...
