Shorts from 1.30 in view...
GBP/USD prices are little changed this morning, despite an earnest attempt seen from the bears to push this market lower. As we write, the bulls look poised to break back above the H4 mid-level resistance barrier coming in at 1.2950. This is not really something our team anticipated given that both weekly and daily action are currently seen trading around the underside of supplies at the moment (1.3120-1.2957/1.3058-1.2979).
A decisive push above the 1.2950 neighborhood today, however, would bring the large psychological boundary 1.30 into view. This number is not only positioned within the walls of both the noted higher-timeframe supplies, it also boasts H4 trendline resistance extended from the high 1.2965, and a nearby 127.2% H4 Fib’ ext. at 1.3020 taken from the low 1.2754.
Our suggestions: 1.30, in our estimation, offers a respectable level to short from. Should H4 price shake hands with this number today, we would, dependent on the time of day, short from here with stops placed at 1.3023 (a few pips beyond the above said 127.2% H4 Fib’ ext. level).
Data points to consider: No high-impact news seen on the docket today.
A decisive push above the 1.2950 neighborhood today, however, would bring the large psychological boundary 1.30 into view. This number is not only positioned within the walls of both the noted higher-timeframe supplies, it also boasts H4 trendline resistance extended from the high 1.2965, and a nearby 127.2% H4 Fib’ ext. at 1.3020 taken from the low 1.2754.
Our suggestions: 1.30, in our estimation, offers a respectable level to short from. Should H4 price shake hands with this number today, we would, dependent on the time of day, short from here with stops placed at 1.3023 (a few pips beyond the above said 127.2% H4 Fib’ ext. level).
Data points to consider: No high-impact news seen on the docket today.
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