GBPUSD: Upswing Above 1.56 Figure Hinted
Strategy: Pending Short
GBPUSD is on pace to issue a bullish Piercing Line candlestick pattern above double bottom support at 1.5336, with deeply oversold RSI studies bolstering the case for a corrective rebound. We will treat the bounce as a selling opportunity. Initial resistance lines up at 1.5631, the 23.6% Fibonacci retracement level.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.