This Week’s Trade Ideas: GBP/USD, S&P500, Gold and Oil
Posted: Sun Jun 12, 2016 9:07 am
GBP/USD – sterling/dollar sells off, still contained under key resistance level
The GBP/USD has been contained below the 1.4730 key resistance level this whole year so far. The price recently tested it and got pushed back to the downside again, showing us that there’s plenty of selling interest in this market. We can see in the chart below both 1.4730 key resistance and the shorter-term resistance zone just overhead near 1.4430 – 1.4350; that resistance zone will be important this week. We will be watching for a price action selling opportunity up near that resistance zone on any temporary retrace higher, ... (read more)