GBPUSD continues with last Friday’s sentiment

GBPUSD continues with last Friday’s sentiment

Key Resistance: 1.40
Key Support: 1.38

Mid Term View
After hitting and rejecting the 1.4200 level the GU crashed 358 pips (-2.50%) and broke with the 1.40 level to close lower on Friday. Sunday´s open brought buyers to push the Pound up to this previous level.

1H Chart Analysis
The retest of the 1.40 + previous lows + weekly pivot with the USD opening very strong gives us a great opportunity to short the Pound against the US Dollar for a retest of the previous week´s lows around the 1.3890 level.

The avg. weekly range of the past 3 weeks is around 240 pips here so we do have room for a nice move down. We will however closely monitor this trade and will close it on any sign of strength

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Author : Orlando Gutierrez

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