GBPUSD - Bearish pressure returns
GBPUSD - Intraday - We look to Sell a break of 1.2200 (stop at 1.2245)
Price action has posted a bearish inside day and is negative for short-term sentiment. Traded to the highest level in 2 weeks. Little net movement overnight. A break of the short-term upward trending support at 1.2200 should encourage selling. With our medium term bias looking to fade gains and the short term bias indicating buying interest we are faced with mixed signals. This has resulted in mixed signals and we prefer to trade a break.
Our profit targets will be 1.2110 and 1.2075
Resistance: 1.2275 / 1.2365 / 1.2470
Support: 1.2205 / 1.2105 / 1.2075
Price action has posted a bearish inside day and is negative for short-term sentiment. Traded to the highest level in 2 weeks. Little net movement overnight. A break of the short-term upward trending support at 1.2200 should encourage selling. With our medium term bias looking to fade gains and the short term bias indicating buying interest we are faced with mixed signals. This has resulted in mixed signals and we prefer to trade a break.
Our profit targets will be 1.2110 and 1.2075
Resistance: 1.2275 / 1.2365 / 1.2470
Support: 1.2205 / 1.2105 / 1.2075
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