Over the weekend, I was watching how GBP/USD would react off the daily trend line resistance that we opened near. We got our answer early on and all through the day it was sold off hard after touching it. To me that shows I should be looking to sell below this level.
On the hourly we have started to retrace some of that larger rejection and consolidated early in Asia. I’m now looking for any weakness above these short term consolidations to be selling into.
Trade Idea: GBP/USD smashed hard off trend line resistance all yesterday. Today’s play looks to be fading weak rallies into resistance. Sell