On Thursday the GBPUSD pair demonstrated a good interdaily growth. A longer white candle of Thursday absorbed the black candle of Wednesday which together with the lower shadow of Wednesday is hinting at the possibility of continuing the renewal of GBPUSD pair. The resistance of 1.5200 interferes with the renewal.
Now the quotations for closing the trading session on Thursday are straight under this resistance, which means that on Thursday the price couldn’t break down the resistance by abutting it.
It is worth mentioning that a “round” resistance of 1.5200 was broken down three days earlier but the price couldn’t consolidate itself higher that this mark, which was the reason for lowering the quotations of GBPUSD during the week.
There is one trading day left for this week - which is Friday. If on Friday the price will still be deploying from this level it will be possible to enter short positions with stop for resistance. If the price breaks down this level, one should expect the end of tradings in order to make sure that the price consolidated itself higher that the resistance or else the situation of “bull trap” will become possible.Social button for Joomla