Key Technical Levels
The 38.2% Fibonacci extension of the latest bearish decline offers solid resistance and has helped slow the GBP/USD
’s gains. We may need to see further conviction to break the barrier which may not come following the disappointing credit report. The 20-Day SMA is just below at 1.5187 which could limit downside risks. A descending channel has emerged following the bullish spike generated by the strong labor report, which provides scalpers with solid target levels to enter and exit positions.
The Bollinger band width for the GBP
has started to narrow since solid support slowed a month and a half bearish trend. The subsequent consolidation has started to give way to bullish sentiment which could see the level of variance increase. The spread is at 734 pips which is the second most of the pairs listed below which increases the risk factor. The ATR is also moving in a positive direction for scalpers but at 177 pips, there is enough daily volatility to give high frequency traders concerns.
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