GBPUSD traded sideways throughout the week. It closed the week slightly higher @ 1.4490. My long bias strong for the moment but I’m cautious of heavy economics data coming out this week on GBP. If we see sharp deviations from expectation, Cable can prove to be volatile. Daily charts suggest pullback towards 1.4350 and uptrend could continue from there. Obviously, GBPUSD might fly through these levels and get down towards 1.41, major low.
GBPUSD: 15-30 min view
On intraday charts Cable printed another consolidation channel between 1.4570 and 1.4400. Break on either side should provide momentum in that direction. I favour up move from here.
Breaking 1.4570 and pullback to the same level would serve as a perfect long entry. Resistance becomes a support.
If you are bearish, I would suggest to wait for the break of the lower band of that channel to consider short orders. Bears might enter below 1.4400, after the price retraces towards former support.
As I keep my long bias, I think, the potential to the downside is limited. I will skip short entries and will look for long opportunities. Bears might argue otherwise.
Bulls @ 1.4570 or deeper @ 1.4350
Bears @ 1.4400
GBPUSD: 15-30 min view
On intraday charts Cable printed another consolidation channel between 1.4570 and 1.4400. Break on either side should provide momentum in that direction. I favour up move from here.
Breaking 1.4570 and pullback to the same level would serve as a perfect long entry. Resistance becomes a support.
If you are bearish, I would suggest to wait for the break of the lower band of that channel to consider short orders. Bears might enter below 1.4400, after the price retraces towards former support.
As I keep my long bias, I think, the potential to the downside is limited. I will skip short entries and will look for long opportunities. Bears might argue otherwise.
Bulls @ 1.4570 or deeper @ 1.4350
Bears @ 1.4400
