Support line: +234 908 290 8871

Trade of the day: GBPUSD

With a very quiet Monday as regards economic events, GBP/USD is currently resisting price off a downward trendline [see m15 chart]. Trading bias is shorting  whilst placing stop above the long -wicked candlestick printed at the 1.32263 zone looking to take profit at the near-term support zone at 1.31290 price level (highlighted in sky blue). Conservatively, bears can wait for price to break below the support zone between 1.3150 - 1.3175 price levels and further look to take profit at the 1.3100 zone (highlighted in green).

Fig 1: m15 GBP/USD Chart

Alternatively, a break above the orange-highlighted zone opens room for further consolidation of the longer-term bullish momentum [see H1 chart].

Fig 2: H1 GBP/USD Chart