ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that the buyers and sellers are still battling for position between the upper limits of a weekly demand area at 1.54260-1.56110, and a weekly resistance flip level seen at 1.57166. Let’s see what the lower timeframes can offer us.

Daily Timeframe: The daily timeframe shows that price is currently trading deep within a daily decision-point demand area at 1.55602-1.56802 (located within the aforementioned weekly demand area). Nonetheless – like the weekly timeframe , the 1.57166 resistance barrier is currently holding the market lower. A close above here would need to be seen before we would consider taking any longer-term buy positions on this pair.

4hr Timeframe: Our pending buy order set at 1.56166 has been filled. For our regular readers you will know we’re ultimately targeting 1.57526, just below a 4hr supply area at 1.57804-1.57578, since we see this as a short-term trade, with a chance to hold some of the position longer term if the higher timeframe confirms so.
Price is currently trading around a critical juncture at the moment, and could well be the decider as to whether our trade reaches its first take-profit target or not. We are ideally looking for prices to close above the combined 4hr supply/round number area at 1.57208-1.56927/1.57 (encapsulates the weekly 1.57166 level), which would in turn likely force price to our target.

Assuming that the buyers can hold above 1.56552, our trade is safe, if not, we are expecting price to come back to our entry level where we’ll be watching the lower-timeframe price action like a hawk to possibly exit our position.

Buy/sell levels:

• Buy orders: 1.56166 (Predicative stop-loss orders seen at: 1.55633).

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