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Look for another push higher into the 1.6285 before deeper correction lower.
SSI supports rise in GBP/USD:
GBPUSD - The ratio of long to short positions in the GBPUSD stands at -3.71 as nearly 79% of traders are short. Yesterday, the ratio was at -4.32 as 81% of open positions were short. In detail, long positions are 5.2% higher than yesterday and 41.5% stronger since last week. Short positions are 9.5% lower than yesterday and 13.2% weaker since last week. Open interest is 6.8% weaker than yesterday and 15.1% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains
Agree with you Pip Meister... here are my views on gu based on 2 hrs..
Expecting a move to 6200-05 and is a decent resis but since the price seems to be within a descending wedge expecting a break higher for a move to 6266-72..
6135-40 is excellent supp on dips..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
GBP/USD is holding up just above 1.6150 which is support for the long term trend. In the very short run price is trading lower since Monday as we can see that price is creating lower and lower highs - this is threatening the 1.6150 low. A breakout under 1.6150 opens up for a decline to 1.6150.
To get a higher probability of success for a long position we need to see Monday’s bearish trend ending - by price taking out the 1.6215 high. A short term trader can remain bearish as long as we trade under 1.6215.
Same view here - make it or breake it from here (1.615). We will get either a wedge overshot and tumble, or one more rally with a daily RSI div brewing. - puts are getting more expensive every day - bearish bias, but doesn`t exclude one more spike.
GBP/USD is struggling to figure out if it wants to trade higher or lower. That we failed to trade under 1.6160 gives some bullish bias - but this is more evident in EUR/USD and not GBP/USD. We need a breakout above 1.6210 for the trend to turn bullish.
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