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GBPUSD is hitting fresh 2019 lows this week.
It comes following last week’s close back above the 1.24800 – 1.2500 support area.
However, I was never interested in buying GBPUSD. I even mentioned that on Sunday.
Here’s what I wrote:
As long as the 1.2500 handle is intact as support, sellers need to be extra cautious here, in my opinion.
That said, I’m not buying the pound.
Despite closing back above the 1.2500 area last week, the GBPUSD still looks bearish overall.
That means I only want to short pops into resistance.
That turned out to be the right call.
From here, though, it’s all about whether or not sellers can defend the 1.2480 region as new resistance.
But as long as GBPUSD stays below it on a daily closing basis, I favor shorting strength.
Key support comes in just above 1.2300 followed by 1.2110.
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