GBPUSD - Range trade for a while longer or..

FX:GBPUSD   British Pound / U.S. Dollar
22 4 10
The GBPUSD             is testing 1.6152 Resistance area . As of now it looks like it is going to bounce and go down to the 1.60 support area . However, a break and a close above 1.62 opens for 1.6272 as the next resistance and from there possibly all the way up to 1.67 again.

My opinion is that we will see more range trades with a few fakeouts before the Pound will break loose and rally. Either way - pretty easy pips in sigth
since the FED is ending QE, and with the anticipation of raising interest rate. Will GBPUSD get hammered earlier than we all think?
that is possible but 1.60 seems to be well supported for now. Next week is as you know full of Tier one data that will show us the direction for sure )
go bull?
no, not yet, the Pound needs to break 1.6150 area and be able to close above. Too many fakeouts so far. But a range trade between 1.60 and I.6150 seems to work fine for now dont you think )
+1 Reply
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