GBP/USD – British Pound Dollar

Short term (Intraday)

1,6267. GBPUSD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBPUSD. The downtrend should continue to gather momentum.

We could take a short position at 1,6270. We will put the stop loss above 1,6420 (-150 pips). The targets are 1,6050 (+220 pips, risk/reward 1:1.5), 1,5800 (+470 pips, risk/reward 1:3.1) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.

Resistances 1,6400 – 1,6660
Supports 1,6230 – 1,6050