GBPUSD risks sentiment rises to 1.70 mark today. Until recently, the only risk worth taking was selling cable, GBPUSD. Was that still your view? Not any more – at least for now.
At least not from the forex marketplace. The last few days have seen the risks appetite risen to level that there is a quiet optimism among City traders that the pound is heading towards the 1.70 in the near-term. (Click Chart to Enlage ).
GBPUSD Risks Sentiment Rises
The past few days and weeks have seen some tremendous trending moves for handsome intraday and swing trading profits. Cable has constantly pulled-in an average of 125 pips daily.
GBPUSD is powering ahead today from yesterday’s low of 1.6204 and is now testing strong resistance of 1.6560. Reinforcing this sentiments, BNP Paribas says “.. a clear break through the 1.6560 resistance opens topside risks towards 1.70″.
As GBPUSD risks sentiment rises, we are now seeing GBPUSD trading at 1.6559, from intraday low of 1.6441. See our 60-min. chart on Heiken-Ashi indicator with price action as true indicator.
However, we are still trading this with great caution as we do not want to be carrying the can on reversal.
Do you agree with the shared view here? Challenge these thoughts or comment below.
Great post. Thanks for sharing your insight. More of your analyses please.