Yep, that GBP/USD signal went right into the rubbish bin. When I opened it last night, I was expecting at least some sort of retrace which would have been enough to take the price to our TP target, but no retrace at all.
Well, we can´t mourn forever, so we moved on to the next battle. We just opened a sell forex signal in EUR/USD and at the moment, it doesn´t look that bad.
EUR/USD just completed the third upside move, which actually started yesterday in the afternoon. We know that there are no rules in forex and this forex pair might as well run to 1.08 in no time, but the charts are telling us that at least a retrace is overdue, if not a total reverse down.
Does this chart look good enough to sellers?
Looking at the H1 forex chart, we see that this pair is severely overbought. Both stochastic and RSI are near or at the ceiling of their window.
Besides that, the 100 SMA in red is standing right above where we are now. It stopped the upside move on the first attempt, so we can say that there´s selling interest up there. Let´s just hope that sellers finally regroup and take charge.
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