novvoll12

GBPUSD- A higher swing low cannot be ruled out

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             1.5647 – neutral – A higher swing low cannot be ruled out

GBPUSD             rallied from the 1.5329 minor double bottom (September 15/16, 2015 lows) to 1.5658 (September 18, 2015 high, near 76.4% of the 1.5818/1.5163 fall) before pulling back. Given the positive indicators, a swing low near the 1.5475/1.5424 zone (September 10 high/August 7 spike low, 2015) cannot be ruled out. Back above Monday’s 1.5568 high (September 21, 2015 high) would signal return of strength towards 1.5658. However, a deeper correction below 1.5424 would caution bulls and expose the 1.5329 area (near 200 day moving average).
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
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