GBP/USD: Technial outlook this morning

FX:GBPUSD   British Pound / U.S. Dollar
249 0 9
Following news that a British court ruled a vote must be held in Parliament prior to Brexit proceedings, along with the BoE stating that rates will not likely be cut again this year, the GBP benefitted hugely.

In consequence to this, yesterday’s daily candle aggressively closed above the consolidation fixed between 1.2118-1.2292 and now, at least from a technical viewpoint, looks set to stage a continuation move up to the resistance area coming in at 1.2789-1.2928. Be that as it may, before breakout buyers look to join the party, a word of warning – the H4 chart is not yet clear of resistance at 1.2467. Granted, the sellers do appear to be weak around this barrier at the time of writing, but we cannot ignore the fact that resistance is still at work in this market.

Our suggestions: In the event that the H4 candles manage to seal a reasonably sized H4 close above 1.2467 today, followed by a successful retest and a H4 bullish close, our team would, dependent on the time of day (NFP), look to buy here. In support of this move, let’s not forget that monthly price recently touched base with a large monthly demand seen here:

Data points to consider: US Average hourly earnings , US Non-Farm employment change and the US unemployment rate all set to hit the wire at 12.30pm. Furthermore, MPC             member Forbes speaks at 2.45pm as well as FOMC member Fischer taking the stage at 8pm GMT             .

Levels to watch/live orders:

• Buys: Watch for a close above the H4 resistance at 1.2467 and then look to trade any retest seen thereafter (H4 bullish close required – stop loss: ideally beyond the trigger candle).
• Sells: Flat (stop loss: N/A).

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