Testing weekly resistance zone

FX:GBPUSD   British Pound/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

To read more interesting technical reviews -
To subscribe to the newsletters -

Subscribe now -

Tomer J,
The Market Zone - You trading Edge
Visit my website -
Blog -
Youtube -
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out