25 Feb 2015
GBP/USD approaching key resistance circa 1.55 - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, shares his view on GBP/USD, noting that a key resistance is now being approached at 1.55+.
Key Quotes
"Continuing to push higher from our members buy setup at support near 1.5330/40, the Cable continues to climb and is forming a pre-breakout formation. The tricky part is the key resistance above near 1.5515 and 1.5598, so really a resistance zone."
"I'm sensing a potential breakout only for profit taking to occur, perhaps some solid offers parked in that support zone waiting to push the pair lower. For now, watch this resistance zone. If there is some absorbing price action from the offers, then look to be sellers up towards the ceiling of this key resistance zone."
"Any close above this on a daily basis means a MT trend reversal. Impulsive selling from here will need to take out 1.5425 to take out some stops on the buy side."
Key Quotes
"Continuing to push higher from our members buy setup at support near 1.5330/40, the Cable continues to climb and is forming a pre-breakout formation. The tricky part is the key resistance above near 1.5515 and 1.5598, so really a resistance zone."
"I'm sensing a potential breakout only for profit taking to occur, perhaps some solid offers parked in that support zone waiting to push the pair lower. For now, watch this resistance zone. If there is some absorbing price action from the offers, then look to be sellers up towards the ceiling of this key resistance zone."
"Any close above this on a daily basis means a MT trend reversal. Impulsive selling from here will need to take out 1.5425 to take out some stops on the buy side."