Today’s Forex Guide

Forex GBP/USD: Bullish sentiment slows before 23% Fibonacci


Apr.17.2015

12:45 PM (EST) Update

GBP/USD Daily
GBP/USD Daily: Bullish sentiment slows before reaching 23% Fibonacci

Suggested positioning: Short position below 1.51 with targets set at 1.4620 and 1.45 in extension

Technical reasons why: The US dollars strengthened on better than expected Prelim UoM Consumer Sentiment, which slowed the rally of GBP/USD pair. Forming a spinning top candlestick pattern below the Ichimoku cloud, we could expect another push back down towards previous support at 1.4620

Alternative Scenario: Above 1.51 and the Ichimoku cloud look for further upside with first target set at resistance level of 1.54.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4620 1.51 1.54

 

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