GBP/USD bounced back from a fresh yearly low of 1.4231 on Thursday and moved within a tight range of 70 pips on Friday. With the pair is still unsure of how to react to the news of looming budget cuts or BA strike the Asian session and early European session is expected to trend sideway.
On 1HrTF chart, cable at the first three hours of Tokyo session drifted downward before finding support at 1.4427(38.2% retracement) and hourly support at 1.4416 and pivot point(1.4439). Above the resistance level is at previous day High at 1.4495.
1 HTF
On the 5 MTF chart, my trades are as follows:
1. Entry at Point A with a resistance level of previous day high at 1.4495 on a sell position and MACD divergence. Exit and reverse at point B (support of 50%-1.4455 and 19.1%-1.4460).
2. At point C, exit and reverse (similar reason as point A) and exit at Point D on support of 60 EMA, major support line at 1.4475 and 19.1%-1.4478. At point D a reversal entry was also made.
5 MTF
