The
pair rallied on Friday, just hours before it came crashing down, creating a
bearish dark cloud cover signal on the 4-hour chart. On the 1-hour chart, the
market has closed just slightly below 18 December’s high ($1.6480), as well as
below the Fibonacci Extension level of 0.618.
With
the bearish candlestick signal on the 4-hour chart, rally of the DXY, along
with the market closing just slightly under $1.6480, it is a good opportunity
to short this currency pair. For those who are more conservative, I would
suggest waiting for the 10SMA to cross below the 20SMA before shorting it.
GBPUSD H4 Chart
GBPUSD H1 Chart
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