themarketzone

Testing weekly resistance zone

FX:GBPUSD   Pound Sterling/U.S. Dollar
Since the last time I covered $GBPUSD in my analysis, it rallied from my buy zone back to re-test the bottom of the weekly trading range (1.55-1.62)

1.55 is a very interesting level to watch this week. The weekly structure zone and the daily downtrend line won't allow an easy pass for the Cable and as long as the price is below it, it presents shorting opportunity towards the bullish Bat completion near 1.47. Obviously in such case, 1.53, 1.51 and 1.5 are short term target levels

If $GBPUSD will close above 1.56, it will re-enter the weekly trading range and perhaps signal that it intends to rally towards the range's top. In such case, 1.57, 1.58 and 1.6 are $GBPUSD target zones.


This analysis is part of the Weekly Markets Analysis newsletters

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