GBP/USD: Fading Resistance for a Quick Scalp

Market Read

GBP/USD is stuck in a tight range, hardly moving 0.09% in 24 hours. Current price at 1.26615, hovering near the upper end of the day range 1.26443 — 1.26787. The overall trend is sideways, but we're seeing strong resistance holding firm around 1.2679. This isn't a long-term play; it's a short-term fade.

The Setup

I'm looking for a short entry on GBP/USD at 1.2666. Simple is best here. We're rejecting that immediate resistance. My stop loss is tight at 1.2687, just above the 1.2679 resistance level. Textbook entry.

Target

The target is 1.2614. This brings us down towards the 1.26 support level. A quick scalp, capitalizing on the current range-bound action. Let it play out.