Finally some action as GBPUSD breaks through the 1.3940/50 area

GBPUSD has finally sprung the highs put in place last week and we’ve traded to a high of 1.3962. There’s a big fib level here at 1.3973, being the 38.2 fib of the 2014 drop.

GBPUSD weekly chart

GBPUSD weekly chart

There’s a big barrier at 1.40, accompanied by large offers into the big figure, and sizeable stops if it breaks.

Look for the 1.3940/50 level to become resistance or we’ll be faced with a possible fake out. If you grabbed the break, that’s where you want top think about your stops. As I’ve missed the break up, I’ll be looking to sell a first attempt of the 1.40 handle with a stop above 1.4025, hopefully to keep me out of any stop running shenanigans if it does break first time.

Also keep, in minds that we’re about to hit the fix and we saw some moves in the quid at this time last week.

 

 

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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