Today’s Chart Art is a double treat for pound traders because we’re looking at not one, but TWO GBP-related setups today.
Lemme show you what I’ve spotted:
If you’ve been watching Guppy’s uptrend then you’ll know that the pound is back at the 153.40 – 153.50 zone. That’s about where the trend line and 38.2% Fib support are on the 1-hour time frame!GBP/JPY bulls can take advantage of the current consolidation and place bets that the pair would go back to its May highs near 156.00.
If you’re not a fan of the pound, though, or if you think that there will be more yen buyers in the next couple of trading sessions, then you can also wait for a clear break below the trend line support and then aim for previous areas of interest like 152.00 or 151.00.
Whichever direction you choose to trade, make sure you’re practicing your best risk management moves when you execute them trading orders!
About a week ago we talked about GBP/CHF hanging out at a significant range support on the 4-hour time frame.Well, here’s your time to get in if you missed the bus! As you can see, GBP/CHF did shoot higher to reach the 1.2800 resistance 150 pips away from the range support.
Now that GBP/CHF is back at 1.2800 and Stochastic has just left “overbought” territory, I’m betting that at least some pound playas will feel bearish about the pair.
Look out for bearish momentum, which could drag GBP/CHF back down to the 1.2700 mid-range support or 1.2650 range support levels.