Intra Day Pound.

Good afternoon Dynamic Traders,

Today chart on the 4 hour timeframe is of the GBPUSD.

I am looking for this to come to an end in its current upward move be it shorter term or otherwise, and therefore either retrace or consolidate.

The RSI is showing overbought, and the price action is approaching the figure again at former resistance.
The higher term trend is still down whilst shorter term it is in an uptrend which is what we are seeing at the moment.

AdvancedGet is showing the MOB above the figure and so a retracement before the next assault may well be what is going to happen.

The short trade could well produce good gains but would have to be managed well, but a retrace may also be waited for before the possible continuation, which could be traded using ESLT should it come about.

As always please do your own analysis.

Charts courtesy of AdvancedGet.

Enjoy your analysis and trading.

Clayton Farnworth.
FX Technical Trader.