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GBP/USD: Sell on retraces, targets 1.60, 1.5921 - 2ndSkies

FXStreet (Bali) - On his daily market review, Chris Capre, Founder at 2ndSkies, notes how the Scottish vote is weighing heavily on the GBP, suggesting to sell on retraces back into key resistance levels.

Key Quotes

"As we discussed in our market commentary this week, the potential Scottish independence vote will keep a bearish pressure on the GBP with the consequences of a 'yes' vote having a huge negative impact on the UK and GBP."

"Looking at the 1hr chart, we can see the massive drop to start the week with the cable actually gapping ~160 pips, then dropping another 70 pips throughout the day, offering a good with trend pin bar setup off the 20 EMA."

"For now, although we may see a bounce near term, the price action context should remain bearish all week, and I expect the pair to close lower than the current price."

"Look to sell on retraces back into key resistance levels, such as 1.6103 and 1.6159/69. Downside targets are 1.6000 and 1.5921."

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