DESCRIPTION:
After retesting the dynamic resistance at Moving Average period 34 (blue) yesterday, this currency pair is back to the downside again. The good thing is that the pair has not touched the other dynamic resistance at Moving Average period 100 (green); this is a good sign for the downside momentum from the GBP/USD is still in a healthy condition, and it seems 1.5025 will be their target soon.
Recommendation:
Sell stop (pending order) at 1.5112.
Take profit 1 at 1.5098.
Take profit 2 at 1.5076 (optional).
Stop loss at 1.5136.
Alternative:
Buy stop (pending order) at 1.5158.
Take profit 1 at 1.5174.
Take profit 2 at 1.5199 (optional).
Stop loss at 1.5134.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
http://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
Blog: blog.mt5.com/arief
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.