GBP/USD is volatile

GBP/USD is volatile

Trade idea

SELL 1.2845; TP1 1.28; TP2 1.2760; SL 1.2860

Price action in GBP/USD looks as shaky and volatile as ever. The pound has made 2 sharp declines in January but then was bought back and quickly rebounded moving up. However, the recovery stalled at the horizontal 100-day MA at 1.2890. It doesn’t look like the pound has the strength to overcome this obstacle in the nearest term.

As a result, we expect the pair to make another go for the downside before it tries to test 1.30. It’s reasonable to focus on such targets as 1.28 (big figure, 50-period MA at H4) and 1.2760 (50-day MA, support line).

GBPUSDDaily.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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