Long entered based on IP Bounces - 20EMA bounce.
Short entered based on own technical analysis - seems to be some resistance at 142.160 level at which the last two candles have tested and not broken - last of which is a Doji signalling possible reversal.
Large upward move recently following fundamentals - this strong move up may be losing momentum with this doji...
IP Powertrend strategy signals short at last daily candle.
Although there seems to be support at this level - as well as tweezer bottoms which could signal Long instead.
PT so taken anyway -
Entry just below candle low, SL at candle high
Resistance at 1.35575 level - support at 1.31250
Rising trend line broken and now retested.
Doji/high test candle at re-test of entering the trend line again and seems to have been rejected.
High test candle also hit the 0.618 fib level of move down acting as further resistance at this level.
Entry at below Doji - SL at doji high - TP at above 1.31250 support level
Indecision in market at this level shown in last three candles - last of which is a Doji - signalling possible reversal after move up.
Resistance at this level also - 0.75650
Short order set below Doji low - SL at Doji high - TP at just before 0.382 retracement level.
Previously bullish on this pair - however recently has been setting lower highs and lower lows - recently hit resistance again at 1.35615 - third test of this level.
Small section of consolidation highlighted in the rectangle - most recent candle seems to have tested the upper bound of this.
Initial thought is a short however not that confident - need to look for...
Trending in this range for a while - testing ten times the upper and lower boundary.
Top seems to have rolled over again - rsi overbought.
Looking to short - first target is a possible resistance level at 0.73228 with stop loss just above previous highs (0.76155).
Descent from previous low to high touched the 1.618 handle and has stopped here - a resistance level seems to have formed just above these levels (1.05840)
Counter trend tested the 1.06466 level which seems to be resistence now - trend lower expected...
Expecting retest of 1.618 handle - Take profit lower than this but to be reviewed as we approach this level.
USD Strength remains - Higher lows led eventually to a break to the upside, passing previous resistance.
We have come back and retested previous resistance (turned support) and again trended higher - retesting previous structure levels.
Looking long - TP at 1.35814 (to test 0.50 FIB of main move down) - Stop at 1.33028
Trending down - putting in lower lows and lower highs.
Support at May 2015 Low - expecting a re-test of this.
Stop loss - 1.52882 (above 11/11/16 resistence)
Take Profit - 1.49230 (just below May 2015 low)
GBP/USD - main drop down retraced back to the 0.50 FIB and is descending again. Double top at the 0.382 FIB of main move down.
Resistance at 1.24250 - short taken.
Previous support at 1.23629 now seems to have formed as resistance on the 2hr.
Take profit - 1.22860 (0.50 FIB)
Stop Loss - 1.25052 (just above previous double top levels)