Ok, it’s time to look for shorts in the GBPUSD

It was difficult to trade the last upswing in the GBPUSD, mainly because we didn’t have a clear resistance level where I’d feel comfortable with.

But now, it seems like everything is clear enough, take a look at the daily chart and you’ll see that it is being rejected from the same level, 2 rejections = 1 resistance level :D

Here is the short term chart:

GBPUSD

Now, this is important: in order to keep looking for short opportunities, remember the GBPUSD needs to trade below 1.6181

If for any circumstances, it goes up and trades again above that level, I’ll go to the sidelines.

What are your plans for the cable?

Cheers,

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .