Trade posted to TAP at 9:50am ET sell GBPUSD at 1.5205. This pair has been responding well to the Fib retracement levels on the 4 hour chart. Now under the .50 of the most recent uptrend from July 12. Historical resistance and support lined up at 1.5200. Looking for a bounce back down from here possibly targeting 1.5140′s where the .382 Fib is located.
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Hi Ross,
I have been looking at this trade as well and in fact like the resistance at 1.52 very much more than the FIB 50% level. The move into that level is very impulsive with a lot of momentum so we will just have to see if it holds or not. But with the resistance lined up thereat 1.52 I think we are on the right side of the percentages.
Keep up the good work
Kind regards
Paul
1.50
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