While GBP/USD swiftly bounced from it’s brief foray below $1.20, price has once again been capped by the range that you can clearly see in the daily chart below: The upper level of the range is definitely acting as resistance and the way it held again back in the first week of February puts Cable in play for shorts. Just keep in mind that it’s a 700 pip range and we’re already 250 pips off the highs. If that’s too close to the middle and not playing the edges for you, then fair enough. But as always, I would then look to zoom into an intraday chart and find an area of short term support turned resistance to manage ... (full story)