Weekly Trend direction: Bearish
Weekly trend reversal level: 2.0350
Key G7 Resistance levels: 2.0280
Counter-trend opportunities: None
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Today's trade suggestion: Stopping abruptly at 2.0320, the pound has plunged lower to 2.0100 as expected. Allow for some backfilling from here back to 2.2000, and then another lunge lower to 2.0000.
Summary: Sell near 2.0200 for another test of 2.000 and then on to 1.9600.
GBP/USD Hourly chart:
GBP/USD Weekly chart: