GbpUsd: Profit taking or a smooth rally?
The GbpUsd rallied after the announcement of a better than expected unemployment rate. The rally was very strong as it has propelled the cable to 1.54935, as the unemployment report was a positive one amid the gloomy global macroeconomic environment.
The cable will have 1.55047 to breakout, so it would continue its bullish market towards 1.55843. The primary objective will be 1.55348, should a breakout occur.
Breaking out 1.54433, will send the benchmark south, back to 1.54188, where it would find some support. Although the trend remains bullish, traders on the cable should be aware of the draw downs caused by profit taking after such a bullish rally.
The daily Pivot Point is around 1.14459. The daily support levels are around 1.14039 and 1.13353. The daily resistance levels are around 1.5563 and 1.56519.
The cable will have 1.55047 to breakout, so it would continue its bullish market towards 1.55843. The primary objective will be 1.55348, should a breakout occur.
Breaking out 1.54433, will send the benchmark south, back to 1.54188, where it would find some support. Although the trend remains bullish, traders on the cable should be aware of the draw downs caused by profit taking after such a bullish rally.
The daily Pivot Point is around 1.14459. The daily support levels are around 1.14039 and 1.13353. The daily resistance levels are around 1.5563 and 1.56519.
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