GBPUSD Overbought Short Term - Initial expected weakness Monday
RECAP: GBPUSD lower as expected but bottomed 19 pips above strong support at 1.3080/70. An unexpectedly strong bounce beat 1.3260/65 with stops above 1.3290 activated before a high 11 pips from 1.3325/35.
FORECAST: GBPUSD overbought short term so hopefully some initial weakness at the start of this week to allow us to start buying in to longs at 1.3235 & 1.3185, adding down to 1.3110/00. Holding above 1.3270/80 is positive targeting 1.3320/30. Above look for minor trend line resistance at 1.3379/80 then 1.3400
more of a challenge.
FORECAST: GBPUSD overbought short term so hopefully some initial weakness at the start of this week to allow us to start buying in to longs at 1.3235 & 1.3185, adding down to 1.3110/00. Holding above 1.3270/80 is positive targeting 1.3320/30. Above look for minor trend line resistance at 1.3379/80 then 1.3400
more of a challenge.