GBPUSD price action review
The GBP/USD fell nicely as predicted in my previous view from Jan 29th. This short trade yielded good profits. Now, it is time to have another look at price action.
The pairs bounced on rumors that politicians have secretly discussed plans to delay Brexit by eight weeks.The report raised hopes of delayed Brexit although May opposed these discussions. Today there are not so many news on subject, except that May will travel to Brussels to meet the EU and it is expected to announce a renegotiation of her Brexit deal.
Now, the price is at medium strength support levels and as we see, it is a first bounce attempt. On 1-hour chart we can see plenty of support levels below: 1.2910, 1.2880 and especially strong one 1.2820.
At the same time, there is strong selling pressure from above and as price will try to rally, it will face resistance clusters 1.2975, 1.3010, 1.3040 and especially strong 1.3055.
I believe, there is still room to go down. Therefore, I would personally sell rallies from indicated resistances. There will be long opportunity too – from 1.2820 that is.
Have a nice day !