DislikedDear all,
Here is my little point of view on GBP/USD.
Price has been confined between 89 and 200 since 21, Apr. All MAs are flat, a consolidation period. Now it break the downtrend channel and 89. Last two candles found support on 89. But the last candle failed to close above price level 1.4772. I view this as a main resistance, u can see how many times price bounce back from this level. The current candle is trying hard to close above this level. If it DOES. Then it will go further to hit the bottom of the previous up channel. Today,however,...Ignored
the first two targets had been hit. Let the last one go with 65 trailing stop, profit lock 73pips.
Reasons to take this trade:
1.price broke 89 and the 1.4771 level, stood above it for sometime. I did not long yesterday since it is USD federal funds rate day.
2.MACD trend continue.
It was support by a not bad news Nationwide HPI m/m. Dont know whether it will break the resistance. Current high 1.4945.