GBPUSD: Exhuberant rally into monthly resistance

Posted On 17 Jun 2015

GBPUSD: Exhuberant rally into monthly resistance

I’m looking to fade this leg, watching the daily uptrend signal expiration.
The area above is very, very interesting, keep a close watch.
Tomorrow’s price action might reverse the FOMC extravaganza, albeit temporarily.
We’ll know soon enough.
I’ll update with my entry and stop loss reccomendation when I see a good entry short.

Don’t forget there’s a weekly uptrend in the background, so ultimately I think its possible that this retracement will be temporary and lead to higher highs after retesting the weekly mode or its whereabouts.
If we dip lower than the weekly mode, I’d wait for confirmation before going long again.

Good luck,
Ivan.

Source:: GBPUSD: Exhuberant rally into monthly resistance

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