GBPUSD - SELL INTRADAY
GBPUSD has recovered greatly since the flash crash early in the Asian session on 2nd Jan. From a technical point of view we came and tapped a big psychological resistance level at 1.28000 before coming right back down and breaking through the ascending trendline. Upon a break we look for a retest to sell & we have that here. along with this we have may confluences such as a strong daily resistance at current level, 78.6 Fibonacci retracement level & a bearish pin bar forming on the 4hr candle. This gives us the confirmation we need to enter this trade with a good R:R. Furthermore we have NFP in around 30 minutes which could be the catalyst this pair needs to send it plummeting, The markets are starting to gain some liquidity after the holiday period, but still remain highly volatile and news could have a big impact on them so trade with care.
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