Today’s Forex Guide

GBP/USD Reached Our First Bearish Target


May.04.2015

10:45 PM (EST) Update

GBP/USD Daily
GBP/USD Daily: Testing Ichimoku Cloud with RSI Heading Down

Trading Idea
Wait for confirmation below Ichimoku cloud. The sentiment seems to be with the bears and we could see further drops

Technical reasons why: The pair was held by our resistance level of 1.5450 and currently pulling back towards the Ichimoku cloud after breaking below the 61% Fibonacci retracement. The RSI is heading down towards the neutrality area.

Alternative Scenario: Above 1.5160 look for further upside towards 1.5450

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
1.4800 1.5050 1.5160
1.4620 1.4935 1.5450

 

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