I told traders to sell GBPUSD last week and pair reached exactly on my mentioned target and then bounced back. Traders were advised to sell at 1.3060 with targets between 1.2750-1.2800 and GBPUSD pair made low somewhere at 1.2770. Currently the pair is trading at 1.2850 and it just bounced back from the crucial support area. But the downward move seems not over yet and it seems that the pair may attempt once again towards the support area at 1.2750-1.2800 and probably breaks below that area. The momentum indicators are still showing that there is more room towards the downside and no overlapping in Stochastic also supports further declines. I have also mentioned the longer-term Resistance and support levels which would also help traders to trade carefully and wisely. This is a very volatile week as the very important economic data from US including ISM Prices, FED Beige Book, ADP Employment, Unemployment and finally NFP are due to release so traders are advised to trade cautiously.
I recommend the traders to wait for a decisive break of 1.2750 level to place more short positions towards 1.2500-1.2530 level where the next support lies. Aggressive traders can place their SHORT positions at 1.2850-1.2880 with stoploss above 1.2950 and Target should be 1.2500-1.2530.
Good Luck
I recommend the traders to wait for a decisive break of 1.2750 level to place more short positions towards 1.2500-1.2530 level where the next support lies. Aggressive traders can place their SHORT positions at 1.2850-1.2880 with stoploss above 1.2950 and Target should be 1.2500-1.2530.
Good Luck