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GBP/USD: Selling into resistance preferable - 2ndSkies

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, expects GBP/USD to continue being sold into resistance, adding that that is how most of the institutional orders are trading cable at the moment.

Key Quotes

"After bouncing from the 1.6060 support level as we anticipated in our Sept. 9th market commentary, the Cable has consolidated just below the first key resistance at 1.6305, with a slight bullish underpinning short term (4hr chart)."

"In trading cable this week, the near term price action and risk premium will be heavily dominated by the Scottish independent vote, and any of the latest poll results."

"For now, I prefer being a seller into resistance, and that is how most of the institutional orders are trading cable at the moment."

"Aggressive traders can look to sell at 1.6305, while more conservative traders can sell near 1.6440 and 1.6533."

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