Strategy: Flat
GBPUSD has cleared the top of a rising channel set from the lows in May as well as the horizontal barrier at 1.5831, with prices now stalling ahead of the psychologically significant resistance at the 1.60 figure. A push above this boundary would open the door for a challenge of 1.6377. Positioning does not offer an attractive trade setup and we will remain on sidelines for the time being.
To discuss these strategies with other traders, please visit theCandlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
