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:
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?