In Today’s DecaPip I would like to talk about the GBP/USD and try to identify some good resistance on a potential short term Sell entry.
So far this week we have the GBP/USD making a heavy decline and the Weekly candle in particular currently looks to be making a bearish close.In overnight trading we saw the EUR/USD take a bid tone toward 1.1100 and GBP/USD somewhat behind it to 1.5390.
Something I have noticed on a Friday with GBP/USD since the Greek woes came to the forefront is that it seems to receive a Bid tone early on in London as perhaps Dealers clear there books on a Friday and also position squaring or profit taking causing some upside flows into the currency.
With this in mind and going with Bearish medium term trend Today i am looking for some quick DecaPips in the 1.5450 area if we see a move to the indicated Levels in the charts below.
- 1.5418 Resistance 1
- 1.5448 Resistance 2
- 1.5352 Support 1
- 1.5992 Support 2