GBPUSD technical analysis.
GBPUSD - Daily
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is overbought. Resistance levels at MM4/1.335, 1.34 and MR2/1.345. Support at MR1/1.32, MM3/1.31 and MPP/1.30. I am waiting for this pair to find resistance at MM4 (bulls profit target). As per pivot point theory price might return back to MPP and I am therefor looking to sell this pair at MM4 resistance level.
GBPUSD - H4
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is overbought. Resistance levels at WR1/1.30, MM4/1.335/WM4, 1.34/WR1. Price is almost at the weekly bulls profit target (WM4) and you can also see the Monthly profit target (MM4) level just below WM4. I am waiting for price to find resistance at those levels and sell if price makes a double top or a lower low.