GBP/USD: watch out for the hourly close, bullish above 1.5538

FX:GBPUSD   British Pound / U.S. Dollar
  • The GBP/USD             spot was rejected at the hourly 50-MA; pushing the pair below 1.5549 (50% of June rally, hourly 200-MA) and 1.5538-1.5540 (inverted head and shoulder extended neckline). Only an hourly close below 1.5538 would open doors for a sell-off to 1.55 levels.

    The dip below 1.5538 hs already happened, but a failure to see an hourly close below the same could provide second wind to the GBP bulls.

    I would initiate fresh long in case the hourly candle sustains above 1.5538, for a target of 1.5570-1.56 with stops below 1.5510.

GBP bulls could get second wind ahead of tomorrow's BOE minutes

as there is a slim chance of minutes showing a vote or two in favour of lift-off. In my opinion, the BOE may have began telegraphing an interest rate hike more aggressively, which is evident from Carney's statement last week that rates could rise at th             turn of this year.
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