GBP/USD at resistance after 150 pip drop

October 27, 2016 12:59

If you follow our Session Recap webinars GBP/USD at resistance after 150 pip drop you could have made more than 120 pips on previous GBP/USD analysis and setup. Today the Advance GDP data release has spiked the price to the upside giving us another potential chance to position for a new short trade setups. 1.2280-1.2305 is the zone where price should reject. POC zone (inner trend line, H3/H4, 88.6 fib, historical sellers) is the deeper retracement for the pair. If we see a 4h close above 1.2340 the price might turn in a short term uptrend on H1 and we would need to look for 4h time frame for further shorts. Targets are 1.2200 and 1.2141. 4h close or strong H1 momentum below 1.2140 targets 1.2080 as the first target again prior to 1.2000 flat.

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