Cable headed south and lowered on Friday. BoE and Brexit headlines could not help the decline on GBPUSD.
Before short-term trading strategy, I would like to remind our midterm prediction. The main trend is still bullish and 1.3671 is the first target of the GBPUSD.
Daily Indicators are still bullish. Price is above EMA 100 and EMA 50.
Short term :
1.33000 – 1.33600 is the indecisive zone. Friday, Cable hit 1.33000 ( Fibonacci 50% ) and reacted at the support.
As seen on the chart, we have a rectangle. 1.33600 – 1.33000. GBPUSD will test 1.33600. If Cable breaks and makes H1 closings above 1.33600 resistance, 1.3400, 1.34200 and 1.34600 will be the targets.
If it fails to break the resistance at 1.33600, it will re-test 1.33000.
Before short-term trading strategy, I would like to remind our midterm prediction. The main trend is still bullish and 1.3671 is the first target of the GBPUSD.
Daily Indicators are still bullish. Price is above EMA 100 and EMA 50.
Short term :
1.33000 – 1.33600 is the indecisive zone. Friday, Cable hit 1.33000 ( Fibonacci 50% ) and reacted at the support.
As seen on the chart, we have a rectangle. 1.33600 – 1.33000. GBPUSD will test 1.33600. If Cable breaks and makes H1 closings above 1.33600 resistance, 1.3400, 1.34200 and 1.34600 will be the targets.
If it fails to break the resistance at 1.33600, it will re-test 1.33000.
Comment:
Cable broke the 1.33600 and headed north. 1.34200 will be the next target.
