olly48

GBP/USD Consolidating

Long
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Very strong resistance was broken at 134.5 level. Since breaking this level it has touched it twice and found support. If the Dollars short term strength continues in the coming days this support will offer a good long entry. There may be some resistance at 1.38 so it could be worth taking profit there or wait for 1. 40 for a longer term target.

Comments

Is it ?
+1 Reply
olly48 TRADESBYZION
@TRADESBYZION, Hi, consolidating may or may not be the right word but I believe it is finding support at this level (in line with previous resistance), to build on its growth
+2 Reply
TRADESBYZION TRADESBYZION
@olly48 sure mate. Just wanted to understand your point of view, as I am on a short currently on 35 pips profit
Reply
olly48 TRADESBYZION
@TRADESBYZION, nice, yes as a short term trade the short has definitely worked. Hopefully drops a bit further to the support we have both marked out.
Reply
waqarm755 TRADESBYZION
@olly48 definitely gunna see some drop then we will see some good buy opportunities this week
Reply
What will happen on Wednesday USD
Reply
olly48 iraqi_barrister
@iraqi_barrister, Hi, from the chart I would expect this to move downwards. On the 4hr timeframe we can see GBP grew nicely yesterday to a point that was previously a support level, and this is also 0.5 Fibonacci retracement so I can see this going downwards from here. As for Wednesday it is impossible to tell at the moment, this could be largely affected later today (Tuesday) because the Secretary of the Treasury will be speaking and she has spoken of "acting big", so we have to see what she says and how the markets react to that.
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