I did not plan on selling Pound until I got confirmation of bearishness at the BOE meeting tomorrow though I am paying attention to price action on GBPUSD. If you bought this earlier this week you might have taken profit at WM4. Top of the range, WM4, head and shoulder pattern on M15 with a lower low.

GBPUSD Daily

MM3 - MM1. Note the stochastic failing to get up to the 80 level - it has not crossed down yet so this would complete its cycle if price moved higher.

GBPUSD H4

WM4 marks the top of the outside range with WS1 as the bottom of the outside range. Note the H4 stoch is rolling over. Looking for a setup on M15.

GBPUSD M15

If you are a bear then look to sell the pullback at role reversal with a stop above WR2 and TP at either WS1 for the H4 range or MM1 for the monthly swing target.

One thought on “GBPUSD Top of the range WM4 keep an eye on M15”

  1. Rana Haq says:

    Thank you for this post. Several important announcements and reports are due on Thursday morning tomorrow in economic calendar.
    Although my bias is positive on GBP, it helps to identify Resistance levels too. I would focus on understanding the reports.

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