GBPUSD Flips Bearish

The $GBPUSD has finally closed below 1.60 for the 1st time since November. And as such, I have finally acquiesced my bullish stance on $GBPUSD.

GBPUSD daily chart

Moves above 1.60 will be met by sellers all the way into 1.6077, the 50% Fibonacci retracement level. However, we should be aware that the 1.6050 level has previously capped rallies when we closed below 1.60. Price then fell to lower levels.

Bears target the 1.5828 low with possible support coming in at 1.5950. Despite the clearly bearish close, this currency pair continues to be very choppy due to USD quirkiness. Best to be patient and deliberate when taking trades in this market.

 

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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