We’re looking at another failure of 1.3900 in GBPUSD

GBPUSD has fallen back further after inching out a new high at 1.3945, in what’s looking more like a solid short-term double top. 1.3900 has given way and stop were tripped through 1.3890 down to a low of 1.3865.

GBPUSD 15m chart

GBPUSD 15m chart

Minor support has shown up around 1.3860 and it’s looking stronger into 1.3845/55, 1.3820/25. 1.3800/10 should alos hold good support too. There’s been a bit of an uplift in the dollar in the last hour or so and witht he pound also looking soggy in the crosses, the weight is far greater here than in EURUSD.

For the record, and as I tweeted a bit earlier, I chucked the rest of my longs away at 1.3895 as the PA was looking crappy and so I didn;t want to leave it to the stop I had in at 80, so I saved myself a few pips on that one.

Expect 1.3880/90 & 1.3900 to start building resistance, and a test and hold there will keep the topsellers happy and in the game. A long down near 1.3800 would be the next trade I may look at, depending on the reason we might go there.

Ryan Littlestone

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