ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
124 0 1
Weekly Timeframe: Two weeks ago, a to-the-pip reaction was seen off of a weekly decision-point (supply) area at 1.66429-1.65340. Assuming further selling is seen, it is very likely price could hit the weekly demand area at 1.58533-1.60157 sometime soon.

Daily Timeframe: The daily time frame shows that price has very nearly hit a daily demand area seen at 1.60507-1.61044. A bullish reaction from here could force prices to test the 1.62503 support flip level. With that being said though, a break south could very well be seen today, which will likely attract further selling down to the weekly demand area mentioned above.

4hr Timeframe: A break below the combined 4hr demand/round number area at 1.61609/1.62057/1.62 has indeed been seen, and as such, follow-through selling formed a minor low at 1.61115.

It’s very difficult to judge what may happen today, since the NFP announcement can be wild at times. With that being said though, a level that has really caught our eye comes in at 1.60580, Quasimodo support (active buy orders likely set just above at 1.60638). This area could see a reaction today, as the big boys may wish to fake below the 1.61 level to collect stops from traders attempting to fade here, which could ultimately bring prices down to the Quasimodo support level . We also mustn't forget that if we did see this play out, price would be trading very deep within daily demand at 1.60507-1.61044, which needless to say is a big plus!

Buy/sell levels:

• Buy orders: 1.61050 (Predicative stop-loss orders seen at: 1.60838) 1.60638 (Predicative stop-loss orders seen at: 1.60397).

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

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