GBPUSD Weak after daily shooting star

 GBPUSD Weak after daily shooting star

GBPUSD Weak after daily shooting star

GBPUSD, 240 min

GBPUSD created a daily shooting star candle yesterday and fell outside the rising channel in today’s trading.  The pair is about to create a four hour shooting star candle which suggests that the sellers are rejecting the rally attempts to the area above 1.4400. In the daily chart the Stochastics is getting overbought while the weekly resistance level at 1.4500 is relatively close.

I am therefore looking for sell signals inside the above sell area between 1.4395 and 1.4445. Target 1 for successful short entries is at 1.4174-1.4214 and Target 2 at 1.4033-1.4085. Please, remember to apply risk appropriate management measures and come to our webinars to learn more should feel the need for further education.

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

“My mission is to help you to become a confident and successful trader”

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