The GBPUSD has had a wild ride in the past two weeks. Things are starting to normalize for the pound but here we have a simple 1:1 type of trade potential. We have GBPUSD breaking the upper Bollinger Band twice and not resistance at 1.14339 area. We also have over bought levels on the RSI in a micmic-ing double top like pattern. The only potential saving grace that could change this is the 200 EMA which is currently underneath. We have a couple of landing spots if all goes as planned at 1.133 and 1.125. The 1.13 line has not been respected since September and the latest support line is the latter.
My trade is currently highlighted by short position graphic.
My trade is currently highlighted by short position graphic.