ICmarkets

GBP/USD: Technical outlook and review...

FX:GBPUSD   British Pound / U.S. Dollar
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Weekly view: The weekly timeframe shows that price recently pushed below the weekly swap area coming in at 1.5551-1.5391. This has potentially opened the gates for further selling down to 1.5144 – a recent level where serious weekly buyers came into the market.

Daily view: Yesterday’s action saw price close below the ignored daily Quasimodo area seen at 1.5478-1.5435. Providing that the sellers can continue with this tempo into the week, we see very little reason why price will not cross swords with the daily demand seen at 1.5088-1.5216 (surrounds the weekly buy level 1.5144).

4hr view: The 4hr timeframe reveals that the recent decline on this pair took out both 1.5450 and 1.5400 before slamming into 1.5358 – a clearly respected 4hr Quasimodo swap level.

Everything being equal, buying from this Quasimodo barrier is not likely something we’ll be participating in today. The reason for why comes from the current higher-timeframe direction pointing south (see above), and also immediate round number resistance sitting just above current price at 1.5400, which appears to be holding firm at the moment.

Should this Quasimodo hurdle be taken out and respected as resistance today, we would then begin looking for confirmed (lower timeframe) shorts here, targeting 1.5300, and possibly, even the Harmonic Bat completion point seen in green at 1.5224-1.5164 (an area to look for buys when or if the time comes) given enough time.
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