Sitting on 20+ year structure. Going long? I think not. If GBPUSD breaks and closes above 1.60, we're headed toward 1.70. However, odds are against breaking and closing above 1.59XX with ease. I'd rather go short GBPAUD since going short there is more clear of an opportunity. I'll be watching this closely...
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I believe we may have bottomed (1.435)
I am long from 1.415
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pezq
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What reasons would you put forward for not breaking higher? There has already been a break to the upside and inflation could be on uptick in usa with no sign of interest rate rise
Lanmar
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It could break higher, no doubt. In fact, looking at this chart over the long term indicates a break through this major structure occurs often. However, this will either be a very difficult area to break, or it will break with strong intensity.
Realisto_FX
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A possible answer is Brent not breaking higher after consolidation. We should see a bullish continuation on UK Oil to support a higher cable .
Lanmar
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I never noticed a correlation between the two, but it could be just a function of dollar strength; commodity weakness.