GbpUsd- 1.23 should be strong ceiling. I'm looking to sell
Like all USD's counterparts, also Gbp has had a nice and strong reversal from the 1.0350 bottom.
However, let's not lose the bigger picture from sight, a 2k pips rise after a 4k pips drop is just a correction and, as I said in EurUsd, fundamentally USD should become strong again and this should also be the case for GbpUsd.
Technically we have a spike up and break above 1.23 back in December(Just GBP being GBP) and after an initial drop, GbpUsd is coming to retest this resistance zone.
This eventual retest could give us a good entry point from R: R perspective if we target the recent low above 1.18
In conclusion, my strategy is to sell rallies around 1.23
However, let's not lose the bigger picture from sight, a 2k pips rise after a 4k pips drop is just a correction and, as I said in EurUsd, fundamentally USD should become strong again and this should also be the case for GbpUsd.
Technically we have a spike up and break above 1.23 back in December(Just GBP being GBP) and after an initial drop, GbpUsd is coming to retest this resistance zone.
This eventual retest could give us a good entry point from R: R perspective if we target the recent low above 1.18
In conclusion, my strategy is to sell rallies around 1.23
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