GBP/USD Forex Trading: Short Term Bearish

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GBP/USD Forex Trading: Short Term Bearish

8:30 PM (EST) Update

GBP/USD Daily: Testing 23% Fibonacci at 1.5219

Trading Idea
Short Term: Bearish below 1.5219 targeting 1.5130
Long term: Bullish above 1.5219 targeting 1.5450

Technical reasons why: The pair has been moving up with a strong bullish sentiment that could be exhausted for a short period of time, resisted by the 23% Fibonacci level at 1.5219 and the upper Bollinger Band. However since we GBP/USD has broken above the Ichimoku cloud and our pivot level of 1.5130, we could expect further up-moves towards 1.5450.

Alternative Scenario: Below 1.50 look for further drops towards 1.4820

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
1.5130 1.50 1.5450
1.4620 1.5592