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17 Apr 2014
GBP/USD: Open to taking shorts at weekly resistance - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, remains open to take shorts on GBP/USD near key weekly resistance at 1.6877, expecting buyers to take profits off the table around this area.
Key Quotes
"After forming a long tailed pin bar signal off the daily 20 EMA, the pair has skyrocketed higher directly into the wolves den. Near term resistance is 1.6820, but the longer term resistance on the weekly chart that we discussed on the commentary from April 9th, come in at 1.6877 (Nov. 09') to 1.7040 (Aug. 09')."
"Although the overall trend is clearly up as you can clearly see the HL's (higher lows) forming on the intraday pullbacks. I'd be open to taking shorts at the key resistance levels above as I'm guessing some bulls will take profit, along with some option barriers up there."
"Bulls can watch for corrective pullbacks towards 1.6670, or wait for a breakout pullback setup above 1.6877."
Key Quotes
"After forming a long tailed pin bar signal off the daily 20 EMA, the pair has skyrocketed higher directly into the wolves den. Near term resistance is 1.6820, but the longer term resistance on the weekly chart that we discussed on the commentary from April 9th, come in at 1.6877 (Nov. 09') to 1.7040 (Aug. 09')."
"Although the overall trend is clearly up as you can clearly see the HL's (higher lows) forming on the intraday pullbacks. I'd be open to taking shorts at the key resistance levels above as I'm guessing some bulls will take profit, along with some option barriers up there."
"Bulls can watch for corrective pullbacks towards 1.6670, or wait for a breakout pullback setup above 1.6877."