GBPUSD - Intraday - We look to Sell a break of 1.2520 (stop at 1.2560)
Previous resistance located at 1.2645. Prices have continued the bullish move higher and resulted in 5 consecutive positive days. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. We look for a temporary move lower. In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower. This has resulted in mixed signals and we prefer to trade a break.
Our profit targets will be 1.2440 and 1.2400
Resistance: 1.2578 / 1.2615 / 1.2650
Support: 1.2525 / 1.2440 / 1.2400
Previous resistance located at 1.2645. Prices have continued the bullish move higher and resulted in 5 consecutive positive days. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. We look for a temporary move lower. In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower. This has resulted in mixed signals and we prefer to trade a break.
Our profit targets will be 1.2440 and 1.2400
Resistance: 1.2578 / 1.2615 / 1.2650
Support: 1.2525 / 1.2440 / 1.2400
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