GBPUSD 60 min. I wrote earlier today that I was 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 as GBPUSD hit a resistance at 1.4619 after it moved outside a descending price channel and as the reaction lower confirmed the market participants’ willingness to sell near the resistance.
The pair rallied to my Sell Area, then turned and has now hit the Target 1 level.
GBPUSD 240 min. In the 4h chart the pair is still inside a rising channel. Now we have price (in 15 min chart) turning higher again after it found support from my Target 1. The next significant support level is at 1.4473 which coincides with the channel low and 30 period moving average. In addition, the lower Bollinger Bands are in the proximity of this level adding to it’s relevance. The resistance levels are at 1.4639 and 1.4670.
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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.
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