GBPUSD – Bearish Bias – Looking to Sell at 1.5280 stop at 1.5320

by Admin

GBPUSD – Sellers returned to GBPUSD yesterday and the pair broke the neckline of the intraday Head and Shoulders formation. The measured move target level for this pattern is 1.5130 with daily Ichimoku Cloud support seen at 1.5180. It should be noted that the medium term boas is still bullish and this move lower is seen as a (large) profit taking correction. We noted in the EURUSD report that the USD Index is likely to correct from current levels so we look for a retest of the breakout levels to get short today. The call is Bearish Bias – Looking to Sell at 1.5280 stop at 1.5320. The profit targets will be: 1.5200, 1.5180 and 1.5130

Resistance levels are: 1.5280, 1.5315 and 1.5342

GBPUSD