john rivera

My picks: Long GBP/USD Pending
Expertise: Fundamentals Combined With Technicals
Average Time Frame of Trades: 2-4 Days

Staying with my short GBP/USD didn't yield the profits that I was expecting as the pair reversed before hitting my target of the 200-DAy SMA. However, I prudently took some profit on the failed test of support at 1.5698 the 38.2% Fibo support line which the pair touched before changing direction. Bullish momentum today was slowed by the 50-Day SMA and with the 100-Day SMA right behind at 1.6351 a retrace could be in store. However, comments from BoE member Fisher has lower expectations for the central bank to add to their asset purchase program which may see sterling support continue. I would need to see a break above the resistance levels before entering a long position with 1.6744-9/11 high as my target.

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