GBP/USD : Short term set-up
GBP/USD : short -to-medium term forecast:
The momentum has been on the downside and we have been shorting rallies since last week. As long as 1.6450 level holds, we will consider our higher probabilities on the short side. Only a close above 1.6450 will put us back in an uptrend.
So far we have 2 probable trade set ups we could take advantage of :
- Sell on the return and break of 1.6190
- sell any rallies to 1.64 at resistance, run it back down , then add at the bottom on the return to 1.6190.
Daily targets:
TL1 @ 1.6034
TL2 @ 1.5975
TL3 @ 1.5810
Sse fibos in regards to the last swings to determine the SL.
I am attaching the screen shot of the pair.
