LONG GBP/USD

GBP/USD has been hammered for the last two trading sessions but there are signs of life developing.

With RSI turning out of oversold on H1 and price having cleared the 200 sma on M1 and sitting on top of WS1 pivot, price may make a move north from here but this will only be a relief rally and is unlikely to clear any real resistance.

We are in this market from 1.2164 with a manual STOP probably on a confirmed break of the WS1 pivot or a bit lower – much depends on the strength of the BEARS.

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