Hello traders and good to be back with you as we take a look at the GBPUSD 60 minute chart. As you all know I have been bias bearish on this pair for a very long time and that continues. After saying that I have a feeling this will remain this way for some time and we just have to trade with that bias in mind, so I am only looking for pull backs and sell trades. Looking at today’s chart price is sitting at support at the 1.2460 level. I have placed the Fibonacci tool on the chart and we look for a pull back to the 50% level at the price of 1.2490 and a bearish candle formation and look for the sell entry. I would like to take profit at the support zone at the price of 1.2420 for a small 40 pip trade. There is data on this pair today so please be alert to that.
Thank you traders and we will talk soon…….William