12 Jan 2015
GBPUSD - Key resistance coming up - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that GBP/USD is rapidly approaching key resistance at 1.5265, a key role reversal level worth considering shorts if price action agrees.
Key Quotes
"After pinging the bids at the 'big figure' around 1.5000. we are seeing a slight change of hands in the order flow with the bids taking over short term. Notice the end of the move down with the price action angles flattening. This was followed up by the bids holding the line and slowly taking over the price action short term."
"We are rapidly approaching key resistance at 1.5265, which is also a key role reversal level. Bears wanting to get short can look for shorts at this level. If this breaks, then 1.55 is the next major resistance for bears to step back in, but that would also mean we have bulls establishing a little more control short term."
Key Quotes
"After pinging the bids at the 'big figure' around 1.5000. we are seeing a slight change of hands in the order flow with the bids taking over short term. Notice the end of the move down with the price action angles flattening. This was followed up by the bids holding the line and slowly taking over the price action short term."
"We are rapidly approaching key resistance at 1.5265, which is also a key role reversal level. Bears wanting to get short can look for shorts at this level. If this breaks, then 1.55 is the next major resistance for bears to step back in, but that would also mean we have bulls establishing a little more control short term."