GBP/USD Trades At Resistance on H1 Chart

Russell Shor, CFTe, MFTA FXCM

The below is the hourly chart of the GBPUSD. Price is at the R1 pivot level, which overlaps with price resistance (blue rectangle). This may be an attractive level for short sellers who are still looking to exploit the uncertainty surrounding Brexit. As such, a cross of the green 5-hour EMA below the orange 10-hour EMA and a dip below 50 by the RSI may be signals that the short-sellers are moving back in. We continue to monitor.

Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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