GBPUSD: Neutral now awaiting next signal
GBPUSD Neutral now awaiting next signal
Price action over last 12 hours has seen Sterling break below
the lower parallel, thereby breaking the staggered uptrend
that's been in play since the turn of the year.
It doesn't look good for GBP but the game isn't up quite yet...
Right now this pair is neutral:
Need to see a break below that support line at 1.3021 to turn
aggressively bearish again, looking for a fall back to 1.2765
(with 1.2863 serving as a minor rally point within this decline).
On the upside, Sterling is in danger of consolidating
yesterday's decline UNDER the parallel - classic chart action
prior to the next fall...to escape this threat it will have to
move back above the parallel at 1.3090 now and hold up there,
rising higher and coming back to use the parallel as support
on the next pull back. Only if we see this kind of price action
will it look safe to go long GBP again for a rally to 1.3227 at
least, and more likely back up to 1.3304 before coming back
off again.
So neutral for now, awaiting next signal to trade this pair as above.
Price action over last 12 hours has seen Sterling break below
the lower parallel, thereby breaking the staggered uptrend
that's been in play since the turn of the year.
It doesn't look good for GBP but the game isn't up quite yet...
Right now this pair is neutral:
Need to see a break below that support line at 1.3021 to turn
aggressively bearish again, looking for a fall back to 1.2765
(with 1.2863 serving as a minor rally point within this decline).
On the upside, Sterling is in danger of consolidating
yesterday's decline UNDER the parallel - classic chart action
prior to the next fall...to escape this threat it will have to
move back above the parallel at 1.3090 now and hold up there,
rising higher and coming back to use the parallel as support
on the next pull back. Only if we see this kind of price action
will it look safe to go long GBP again for a rally to 1.3227 at
least, and more likely back up to 1.3304 before coming back
off again.
So neutral for now, awaiting next signal to trade this pair as above.
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