A nice swing short set-up presenting itself here on the GBP/SGD currency pair. Multi-month (R) horizontal resistance zone coupled with Rising Wedge resistance (red line) capped further gains during this morning’s European session. Anywhere inside the green resistance zone should suffice for short positioning (short-medium term), with stops above (1). Short-term speculators should look for profit-taking around the low 1.81000s for a re-test of wedge support (blue line). Below wedge support will indicate selling pressure is building, which in turn will invite short swingers to board the new trend for further downside.
Above (1) negates this bearish set-up.
Above (1) negates this bearish set-up.