In yesterday's last update we talked about the Quid and how it is still favoring the downside. This morning, though, I woke up to find GBP/USD about 30 pips higher.
There's no reason behind this move since the economic calendar is almost empty, apart from a couple of low tier speeches from two BOE members.
So, we thought that this was more like a morning move; London traders come in, they have a go at a major currency, which usually happens to the GBP and if there is no backup to support the trade they close and reverse.
That looks to be the case today, so we decided to give this forex pair a try. We just opened a short-term sell forex signal here.
Technically, the hourly forex chart is pointing down as well. Stochastic is oversold, which the 100-SMA (red) is providing resistance on top.
Besides that, the 1.29 level turned the price down yesterday, so it has turned into some sort of resistance.
Let´s trust the 100-SMA this time
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