GBP/USD: Unable to Reach As Far As Strong Resistance
Jason Sen | Oct 21, 2014 01:27AM ET
GBP/USD headed higher through 1.6120/25 but so far unable to reach as far as strong resistance at 1.6195/6205. Exit longs at 1.6180 today & try shorts up to 1.6195, with stops above 1.6225. Be ready to go with an unexpected break higher however to target 1.6265/75 for an excellent selling opportunity with stops above 1.6295.
Failure to beat 1.6180/95 should trigger a move lower towards support at 1.6120/10. It looks like we are only experiencing a bounce in a bear trend & should resume the trend sooner rather than later. A break below 1.6100 therefore adds pressure & targets 1.6060, possibly as far as 1.6025/20.
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