Technical analysis for short GBPUSD trade
Price currently at role reversal resistance just above 1.22. Further resistance eyed at 1.23 and the daily 21
1.23 coincides with the WPP just above the 61.8% fib. 50% fib coincides with WM2 role reversal
Current role reversal resistance coincides with the 50% fib, price currently coming down though M5 is very oversold. Waiting for an overbought M5 and looking to sell the lower high. Alternatively eyeing resistance higher up - WM2 role reversal coincides with DM3, just above the 61.8% fib and 1.23 coincides with DR1/ WPP
About The Forex Analyst
USDollar Bull based on current FOMC monetary policy. Euro Bear based on current ECB monetary policy. Currently neutral on the Pound. Bear on oil, Cad and Nok. Trade Yen in line with movement of price in Treasuries and seasonality. Bear on Gold due to bias on Dollar. Trade Nzd inline with global dairy prices and RBNZ central banking policy. Trade Aud inline with global commodity prices, Chinese macro and RBA central banking policy. Trade Mexican Peso repatriation at the end of each month. Head Coach at www.MetaTraders.com and analyst at Forex.Today.