http://bit.ly/2lVanYC
GBPUSD has been range bound since the 16th of January 2017 (where it formed what looks like a double bottom with a 6th of October 2016 low) and has been trading in a range ever since. However current price behaviour indicates reaction at very strong resistance level and we will really depend on price action around technical levels to guide our decisions this week.
Nevertheless, we will consider intra-day short (downside) opportunities on a 4 hour price close beneath 1.23800/1.23466 support zone with target 1.22297. Immediately upon penetrating 1.23800/1.23466 support zone, should price move very quickly and close below, at or near 1.22297 we will also consider short entries with a further target of 1.20161. Further break and price close beneath the 16th of January low of 1.19858 will bring deeper fall of the GBP to near pairity with the USD to complete the larger wave 5 of a possible C wave within a large A-B-C structure.
In the upward direction, we will consider long (upside) opportunities on a daily price close above 1.27581 with target 1.31205. See link above for actual chart
GBPUSD has been range bound since the 16th of January 2017 (where it formed what looks like a double bottom with a 6th of October 2016 low) and has been trading in a range ever since. However current price behaviour indicates reaction at very strong resistance level and we will really depend on price action around technical levels to guide our decisions this week.
Nevertheless, we will consider intra-day short (downside) opportunities on a 4 hour price close beneath 1.23800/1.23466 support zone with target 1.22297. Immediately upon penetrating 1.23800/1.23466 support zone, should price move very quickly and close below, at or near 1.22297 we will also consider short entries with a further target of 1.20161. Further break and price close beneath the 16th of January low of 1.19858 will bring deeper fall of the GBP to near pairity with the USD to complete the larger wave 5 of a possible C wave within a large A-B-C structure.
In the upward direction, we will consider long (upside) opportunities on a daily price close above 1.27581 with target 1.31205. See link above for actual chart