ICmarkets
Long

GBP/USD: technical outlook and review...

FX:GBPUSD   British Pound / U.S. Dollar
197 2 4
For those who read our previous report on Cable: http://blog.icmarkets.com/tuesday-6th-october-daily-technical-outlook-and-review/, you may recall us mentioning to keep an eye out for possible (confirmed) buys at demand formed from Friday’s NFP at 1.5126-1.5142. As shown on the chart, the market rallied a very cool 100 pips off the back of this zone, consequently surpassing psychological resistance 1.5200 and once again crossing swords with supply at 1.5259-1.5228.

In view of price currently trading at a well-respected supply zone right now, where does our team stand in the bigger picture? Up on the weekly timeframe , we can see that trade reacted splendidly from channel support (1.4564), while down on the daily timeframe price closed above the underside of a channel support-turned resistance (1.5329). This, at least in our book, suggests that selling from the 4hr supply zone mentioned above might not be the way to go today as the most we see price declining to from here is the 1.5200 figure.

That being the case, today’s spotlight will firmly be focused on 1.5240. Should a convincing close be seen above this barrier, this will, in effect, be our cue to begin watching for price to retest this level and look for confirmed longs into this market, targeting 1.5300 and possibly supply at 1.5363-1.5340.

Levels to watch/ live orders:

• Buys: Watch for offers at 1.5240 to be consumed and then look to enter on any retest seen at this number (confirmation required).
• Sells: Flat (Stop loss: N/A).

my take profit is in 1.529. what do you think?
Reply
ICmarkets fabianChavez197
If you could please post a chart with your setup, that would be much appreciated :)
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out