GBPUSD 240 min
The pair hit a resistance at 1.4619 after it moved outside a descending price channel. The reaction lower confirmed the market participants’ willingness to sell near the resistance while Stochastic Oscillator (7,3,3) was edging closer to the overbought level. This could provide us with an intraday move of approximately 50 pips if market rallies a little first.
I am looking for sell signals at my sell area at 1.4598 – 1.4618 with a Target 1 between 0.618 and 0.50 Fibonacci levels at 1.4530 and 1.4547.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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