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The British Pound Sterling kicked off the pre-London session with some high quality weakness across the board. This continued to off some nice pullback entries early on into the London session. However, we were approaching support in many flavors around the 1.4900 area. Things like long term 50% Fibonacci retracement levels, Daily, 2hour, and 4 hour overlapping support, daily central pivot point, about 7 things all falling exactly at the same place on many time frames. Even with all the …

After some quick pre-London pips we found ourselves in a precarious position on the GBP/USD as the London session opened 3am EST. While cable was rising, and paying off on some longs after bouncing on the previous day’s 61.8 Fibonacci level, it was fast approaching the 1.51 area where we also had an overlapping 38.2 Fib level from the recent highs on the 4 hour chart. This was setting us up for a possible double top scenario, with at least 40′ish pips before any support could be found. In …