GBPUSD to find sellers at previous support?
GBPUSD - Intraday - We look to Sell at 1.2288 (stop at 1.2328)
The bearish engulfing candle on the daily chart is negative for sentiment.
A move lower has resulted in prices breaking from the previous range and confirmed our bearish expectation.
Bespoke resistance is located at 1.2300.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Preferred trade is to sell into rallies.
Our profit targets will be 1.2188 and 1.2168
Resistance: 1.2300 / 1.2330 / 1.2401
Support: 1.2201 / 1.2168 / 1.2084
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
The bearish engulfing candle on the daily chart is negative for sentiment.
A move lower has resulted in prices breaking from the previous range and confirmed our bearish expectation.
Bespoke resistance is located at 1.2300.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Preferred trade is to sell into rallies.
Our profit targets will be 1.2188 and 1.2168
Resistance: 1.2300 / 1.2330 / 1.2401
Support: 1.2201 / 1.2168 / 1.2084
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
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