Last Friday we say cable drop almost 100 pips despite market rumors about a large buy order of GBPUSD. Today is not to different, with talk of a large order to buy GBPUSD going through the 4PM (GMT) o clock fix. Yesturday we say GBPUSD take out stops below the 1.66 as low as 1.6584, since then its been nothing buy buying taking us as high as 1.6705 with last weeks resistance of 1.6723 coming into focus.
GBPUSD 4 hour chart
Despite being short on GBPUSD I cant help but feel if we break through 1.6723 then we will start targeting the 1.6823 and potentially higher so a lot does depend on were we are trading around the fix. Should we start seeing selling I will add to my shorts, should we clear the 1.6723 then I will cut my trades.
