GBPUSD
Intraday - We look to Sell at 1.2525 (stop at 1.2645)
We are trading at overbought extremes. A Doji style candle has been posted from the high. This is negative for sentiment and the downtrend has potential to return. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our profit targets will be 1.2180 and 1.2155
Resistance: 1.2530 / 1.2600/ 1.2670
Support: 1.2375 / 1.2300/ 1.2225
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