GBPUSD ranging between well tested support and resistance levels at 1.215 and 1.26.
Based on existing uncertainty surrounding Brexit, and fears of 'Trump Rally' reversal I hesitate to predict the trend going forward, but as 'Brexit' appears to be at least partially priced in, I'm more comfortable buying below support, with a tight SL, and TP at 1.26. This strategy is supported by the high volumes accompanying bull candles at the bottom of the range, suggesting high Sterling demand at these levels.
This is all contingent on no major surprises in the economic releases for the next few weeks.
Based on existing uncertainty surrounding Brexit, and fears of 'Trump Rally' reversal I hesitate to predict the trend going forward, but as 'Brexit' appears to be at least partially priced in, I'm more comfortable buying below support, with a tight SL, and TP at 1.26. This strategy is supported by the high volumes accompanying bull candles at the bottom of the range, suggesting high Sterling demand at these levels.
This is all contingent on no major surprises in the economic releases for the next few weeks.
Comment:
Short term short opportunity as price reaches top of range. Sell limit placed at 1.26, with SL at 1.28, and TP at 1.215