A quick follow up to the trade posted earlier. Buys were taken into the 1.6250′s and intraday profit closed for 50+ pips on test of 1.6300 and 30 minute trend line. If you continue to hold it will need to break 1.6300 and the 30 minute trend line for higher targets.
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Trade posted at 8:30am ET buy GBPUSD at 1.6256. This pair has been falling for a few days now since testing the 1.6700 highs. The daily trend line has been well established for the year and it is now testing that trend line. Looking for a bounce and return higher in the direction of the overall trend direction. Use caution on the break of the trend line. Buy zone down to 1.6230.
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Convergence of Indicators
Often times, when you can identify a level, where multiple indicators point to a certain outcome there can be a higher probability of that outcome, which is the case of the GBPUSD today.
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This morning we can see at 1.6235/40 that there are 4 different indicators pointing to a price barrier, or what I like to refer to as a wall. First the trend line from the (more…)
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