GBPUSD BEARISH SETUP
Market is still bearish. Moving averages are flat. Price opened just below MM3 which is immediate resistance and top of the range. Price has been ranging for a while. Bottom of the range is MS1 which is also support. Stochastics heading south after just passing the 80 line mark.
Market is bullish, 21 above the 55. Price bounced off 1.26 psych just below WM3 which coincides with MM3 on the daily chart. Resistance also identified at WR1 and WM4, potential levels for bears to go short. Price is currently in the fib zone with stochastics heading towards overbought conditions. Support identified at WM3, WS1 AND WM1.
Moving averages are also flat on the H1 chart and market is moving sideways. Resistance at 1.26 psych, DM3 which coincides with MM3 and WM3. Next level of resistance is at DR1 and DR2. Next 3 levels of support is DS1, DM1 and DS2. I will wait and see if price breaks through 1.26 to the upside as I look to go short between DR! and DR2. My targets eyed at DPP and DS1.
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