ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
137 0 2
Weekly Timeframe: The GBP/USD             pair remains confined between a weekly demand area seen at 1.54260-1.56110, and a weekly swap level coming in at 1.57166. A break above would likely force prices to test a weekly swap level at 1.58934. Conversely, a break lower would likely encourage follow-through selling down towards a weekly support level seen at 1.52700.

Daily Timeframe: The daily timeframe shows that active sellers have entered the market around the weekly swap level seen at 1.57166, as reported may happen in the previous analysis. Assuming that the sellers can hold the market below here, a further decline could be seen down towards a daily support level coming in at 1.54344 (seen deep within the aforementioned weekly demand area). Conversely, a break above 1.57166 would likely force the market to test a daily supply area seen at 1.59438-1.58338 (encapsulates the weekly swap level at 1.58934).

4hr Timeframe: The 4hr timeframe shows the market continued to rally until reaching 1.57, where at which point active sellers entered the market. For anyone who sold around 1.57you may find the 1.56249-1.56455 area to be troublesome, as this was likely where pro money made the decision to buy the market up to 1.57.

Let’s quickly recap. The weekly timeframe shows price is currently ranging at the moment (see above), while the daily timeframe shows a daily decision-point demand area 1.55602-1.56802 was recently consumed (in our opinion), which has likely cleared the path down to 1.54344, a daily support level . Therefore with this in mind, we are favoring further selling to be seen.

That being said though, we do currently see any safe entries short until the small 4hr decision-point demand area at 1.56249-1.56455 is consumed. It will be interesting to see how the market unfolds later on today.

Current buy/sell levels:

• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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