ICmarkets
Long

Buying beyond the 1.42 handle, anyone???

FX:GBPUSD   Britisches Pfund / US-Dollar
The British pound, as you can see on the H4 timeframe, spent Wednesday’s sessions consolidating beneath the 1.42 handle. As projected, the US Federal Reserve kept interest rates unchanged which failed to generate much movement.

Meanwhile, weekly price continues to reflect a bullish stance above weekly support at 1.4079. Continued bidding from this neighborhood is a reasonable possibility, since there’s little resistance in view until we arrive at 1.4732: the 2016 yearly opening level.

Tuesday’s daily bullish engulfing candle formed off the noted weekly support level prompted further upside on Wednesday, consequently placing the pair within close distance of a daily resistance area fixed at 1.4393-1.4297.

Market direction:

With stop-loss orders above 1.42 now likely filled (high marked by the green arrow at 1.4233), the runway beyond is likely free. Above this number we do not see much in the way of resistance until we reach the 1.43 handle, which is housed within the lower limits of the daily resistance area mentioned above at 1.4393-1.4297.

Therefore, keeping it Simple Simon today, watch for H4 price to CLOSE above 1.42 and retest the number as support. Should it hold, and print a reasonably strong supporting H4 candle, the odds of cable reaching for higher prices are strong, in our technical opinion.

Data points to consider: UK manufacturing PMI at 9.30am; US unemployment claims at 1.30pm; US ISM manufacturing PMI at 3pm GMT             .

Areas worthy of attention:

Supports: 1.4079.
Resistances: 1.4393-1.4297; 1.4732; 1.42/3 handle.


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