There's an M-Top pattern at resistance on GBP/USD.
This is a complicated trade as the price is above all the major EMA's (25,50,100,200) and therefore could easily use these levels to move higher.
MACD, Rlative Strength and EMA's are all in red numbers suggesting BEARISH pressure but the price nedds to break through the 200 EMA before a position can be considered.
There's no scheduled GBP news of any significance due until Wednesday 19:00 when the FOMC Meeting Minutes are released so there's nothing to stand in the way of the BULLS or BEARS and the charts suggest there could be quite a battle in and around 1.2610 which is the WPP mid pivot.
If this SHORT trade does trigger then the market wil have to be closely observed as there are headwinds for BEARS and support could come in anywhere between the current price (1.2610) and 1.2595.
Target if the trade triggers will be 1:1 so we have a target of 1.2570 which would be around 30 pips but as ever, the market will determine any take profit and stop levels
This is a complicated trade as the price is above all the major EMA's (25,50,100,200) and therefore could easily use these levels to move higher.
MACD, Rlative Strength and EMA's are all in red numbers suggesting BEARISH pressure but the price nedds to break through the 200 EMA before a position can be considered.
There's no scheduled GBP news of any significance due until Wednesday 19:00 when the FOMC Meeting Minutes are released so there's nothing to stand in the way of the BULLS or BEARS and the charts suggest there could be quite a battle in and around 1.2610 which is the WPP mid pivot.
If this SHORT trade does trigger then the market wil have to be closely observed as there are headwinds for BEARS and support could come in anywhere between the current price (1.2610) and 1.2595.
Target if the trade triggers will be 1:1 so we have a target of 1.2570 which would be around 30 pips but as ever, the market will determine any take profit and stop levels