GBPUSD: the pressure seems still to be on the downside

Carol Harmer Charmer Trading

SUPPORT: 1.2080/65 1.2040 1.1995 1.1970/60** 1.1925 1.1890 1.1855 1.1810

RESISTANCE: 1,2125 1.2145 1.2199 1.2221/25 1.2245/50 1.2265

So much for stability in Sterling...It has been hammered these past 3 days....and this is against all currencies...No one is love Cable at the moment...and whilst the pressure seems still to be on the downside I think we either leave it alone...or got with the trend,.. and start to sell into any short term corrective moves higher....Now we know we have support down at 1.2080/65 area and if lost we have a small trendline coming in at the 1.2000/1.1995 area...Now we should then be protected on longs if we break 1.1960...The reason I have picked this level is that on the flash finger decline this was the actual low...Now 118....117...or even in some cases 112...It was 1.1970...so therefore we need to be aware that fund managers...banks...corporates and institutions pension or otherwise will have their eyes peeled on this support...Now you might well get a bit of follow through as stops are likely to go off...but unless really we break and hold below 1.19I think we will see buying coming back into the market....even if for only a short time... Our Pivot Point analysis is as follows PP 12188 R1 12252 R2 12334 R3 12398 S1 12106 S2 12042 S3 11960.....Notice the S3 comes in at the designated support area....so please be aware of this support and we would be buying small down in the 19990/19960 area looking for a short term correction....

GBPUSD Current Trading Positions

Sell 100%

Buy 0%

Avg Sell Price 1.2415

Avg Buy Price 0.0000

Liquidity Distribution

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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