GBPUSD: The market has recovered overnight

Carol Harmer Charmer Trading

Cable hit our 1.2425/35 area and fell….coming to our 1.2335 target….Daily charts remain overextended on the topside but the 4hrly and 60 mins are fast approaching oversold conditions...especially the 4 hrly ones...The market has recovered overnight...but still we need to break 1.2435 and especially stay above it….

When you have this conflict between short and med term charts it is always difficult to know which way to jump so we stay trading within the designated levels...12435 to 1.2335 they are currently….I would suggest selling up at 1.2435, because the stop can be really tight and above 1.2455 we are out of shorts….into longs looking for 1.2495/1.25…..

Think we do need a bit more correction, just to ease the daily stochastic….but this as I have stated can be sideways moving…..so stay within the designated range...Longs to 12335 can have stops below 1.2300 as a break below here would leave 12265 then targeted….

Now as you can see from the chart….1.2309 is the 38.2 Fib level...therefore if we are to remain buoyant we should not break below thi level...if we are to keep upward momentum going in Cable….

Todays PP are ….PP 12379 R1 12423 R2 12480 R3 12524 S1 12322 S2 12278 S3 12221

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2407
2. R2 1.2401
3. R1 1.2393
PP 1.2387
1. S1 1.2378
2. S2 1.2373
3. S3 1.2364

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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