GBP/USD is trending down massively since December 21 inside the marked wide bearish channel & we had a short term short position at 1.5650 which we suggested two weeks ago.
Last friday, we mentioned that the view for the pair is still bearish and we suggested two short entries either at 1.5580 or after break of 1.5470 with TP at 1.5430 and 1.5370.
Yesterday, The pair recorded a low at 1.5280 which acted as a strong support level showing strong bulls strength manifested in the strong bullush hammer candelstick.
Now we should monitor our resistance levels at 1.5470 & 1.5580 and watch price action towards them in order to catch a good long term short positions.
Yesterday we suggested buying at 1.5305 which got triggered with good profit till now with final TP at 1.5445 & profits taken each 50 pips as it's a counter-trend move.
For those who missed the long position yesterday, Buying around 1.5345 will be good with SL break of the low at 1.5280 & TP will be at 1.5445-1.5470 as price action indicates.
For taking a short position don't forget to watch price reaction towards 1.5470 which if came obvious bearish this will be a short signal with SL daily closure above 1.5500.
