8 Mar 2016

GBP/USD FACING A MAJOR RESISTANCE

GBP/USD DAILY

The rate is currently testing the 3-month-long falling trendline resistance and more importantly the large falling gap area (1.4272-1.4329).

As long as we are trading below these levels I keep my bearish outlook and continue tho hold my half short position for which I have now moved my stop to the breakeven at 1.4340.

I am going to scale back in this position if I see a strong rejection from the current resistance and will target the 2016 lows at 1.3850, however, a break above the trendline and the gap resistance will invalidate my immediate bearish outlook for the pair.




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