GBPUSD – Key Role Reversal Level Holds & Profits | Sep 15

GBPUSD – Key Role Reversal Level Holds & Profits (1hr chart)
Last week I talked about the GBPUSD at a key role reversal level of 1.5450. I sold at this level with a 60+ pip stop and intimated the first target down would be about 1.5350 which it has achieved today.

Currently I’m up about +110 pips so over +1.8R at the moment. I’ll most likely be neutralizing my risk shortly and locking in some profit.

For now I don’t see anything in the price action that suggests a bounce. Downside a major target would be the September lows and triple bottom off 1.5175, so another +160 pips lower.

From here I’d expect shorts to cover and a decent bounce or profit taking. Only a daily close above 1.5450 negates my ST bearish bias.

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  • Lance

    I hope you took some profits off the table before the GBP news yesterday, as it bounced heavily.

    • Chris Capre

      ‘Some’ would be the operative word. Not as much as I’d like, but that is part of the game.