GBPUSD Daily
Cable continues to slide with a number of traders now seeing the 38.2 Fib at 1.55500 as the wave 4 in this recent run lower. Stops below 1.49400 are now looking in real trouble with a break confirming the start of a wave 5.
GBPUSD H1
I mentioned last week that a solid break of the 1:1 (Yellow) and 38.2 Fib that coincided at 1.53250/200 would see the momentum pick up on the downside. The level broke in dramatic fashion after only offering temporary support, cable has now continued to sell off since breaking the level.
GBPUSD M15
Looking to sell into strength still remains the best play in my opinion as traders continue to push for stops below 1.49400. The 1:1 (White) and 1:1 (Light blue) at 1.50950/51050 offer solid risk/reward trades to reenter this current down trend.
* A 1:1 refers to a current correction being equal in length to a prior correction
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Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE
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