Tonight I wii sell GBP/USD @ 1.6129 with TP @ 1.6076 and SL 1.6176.
With the price unable to hold above 1.62 there seems to be long liquidations happening which is clearly shown with the price action on the 4 hour chart. 1.6075 was strong resistance holding the 76.4 fib level that was broken recently and now looks to be attracting the price. Also on the 4 hour chart resistance around 161.50-161.70 has yet to be broken and the RSI is close to topping out. Hourly chart shows a small rally that is testing resistance around 161.50, if it doesn't break through pretty soon then a move lower should commence.
the 5 and 15 min charts are generally bullish but now seem to be caught in tight 15 pip range that will determine where the pair is heading next.
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