GBPUSD rally runs out of steam
I mentioned earlier that the pound had a lot of congestion between 1.5460 and 1.5527 and we've topped out at 1.5529
GBPUSD H1 chart
At the time we were trading at 1.5422 and the trade was taking the breaks of the upper levels. The top one has been one level too far and now we're seeing some profit taking. I would like it to sit above 1.55 for the remainder of the day, to see support build but it looks like the broken 50.0 fib is doing the job well enough. Should we come back down further then the 1.5475/60 area is the strong level to watch
I warned against jumping in at the top at the time and that looks like a crap call with hindsight. The trouble is we can't trade hindsight and so we have to trade what's in front of us at the time. When I did the post we had already run nearly 100 pips up and people were willing to short it there. It's why we try to teach traders to wait for the levels and confirmation that a move is going to continue or peter out
