GBPUSD taking retrace

GBPUSD (1.4894)

GBPUSD took a good dip towards its target at 1.4850 as predicted in our last report. For the time being, it seems that GBPUSD will take some retrace and currently the retrace seems to go towards 1.4975 level and mostly traders will be interested in selling GBPUSD around that level. In case the retracement is extended above 1.5000 level, then we might the traders might wait for GBPUSD to get towards 1.5135 and then sell GBPUSD again to average out positions. The 1.5135 is also good level for weekly traders and a good weekly resistance as well.

TRADE:

Sell GBPUSD @ 1.4975 and Sell again @ 1.5135 (if required) for Profit Level @ 1.4850 with Stop @ 1.5200