ICmarkets

GBPUSD Weekly technical outlook and review.

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
174 0 1
The weekly timeframe shows buyers have aggressively pushed prices higher into weekly supply at 1.76297-1.67702, while on the daily timeframe , price is seen trading between daily supply at 1.76297-1.73024 and the S/R flip level below at 1.69712, which is where price will likely retrace to before a rally up to daily supply (levels above) is seen. The 4hr timeframe shows price is currently capped between two round numbers 1.71000 and 1.72000. Buyers confirmed the round number 1.71000 by consuming sellers around the high marked with a flag at 1.71762, thus allowing us to place a pending buy order around the round number just mentioned at 1.71039 where a retracement will likely be seen early sometime this week.

Areas to watch for buy orders: P.O: 1.71039 (SL: 1.70870 TP: Dependent on price approach). P.A.C: 1.70662 (likely to be set at 1.70423 TP: Dependent on approaching price action after the level has been confirmed).

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