Trade what the market is telling you! GBP/USD Short.

FX_IDC:GBPUSD   Pound British/Dolar U.S

The pair continues to show a strong long term favour to the downside. Lower Highs, Strong supply.
The market has struggled around the 1.25** level.
Currently trading near the upper of the upper of the short term resistance
and 38.2% fib, failure here would induce a sell signal and expectation for the
market to push on towards the first target 23.6% fib (1.2291),
second target 1.2160, third target, October market lows.

A Candle close above 1.2600 would encourage price action and demand to drive
market to 50% fib. Beyond this consideration should be given to the critical zone
and tightly compounded area of July lows and 61.8% fib.

Around this area expect a strong fight between supply and demand .
Any break to the upside could be considered a change in long term direction.
Hi Sezer,
Could be but I see a long/short in play mainly in the 1.2675 - 1.2800 band. I will also retain from Ichimiko chart that Chikou Span has crossed above historic closes which is a bullish signal.

Filipo1 Filipo1
Sorry wrong chart, here is the correct one


Filipo1 Filipo1
Ichimiko is a new version of Ichimoku... really sorry, fat fingers and sleepy mind :)
Sezer Filipo1
@Filipo1, Hi Filipo.. I don't disagree with your view, i just think for that range to become active we need to see the weekly candle close above 1.2600. This then takes it into my .50fib - .618fib along with july lows. This i believe correlates closely with your 1.2675 - 1.2800 band.

Inside that range the battle will be fierce, lots of hurdles and resistance for buyers to get passed. Will be a blood bath. I prefer the short now, following market direction and range, if fails, wait to see if market breaks 1.2678 to the upside.
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