ICmarkets
Long

Longs could be on the horizon today traders...

FX:GBPUSD   British Pound/U.S. Dollar
177 2 2
Another wet day for the Sterling market yesterday saw this pair take its third consecutive hit. Price took out the 1.4200 figure and went on to whipsaw through 1.4100 which came within three pips of hitting daily support at 1.4079 before snapping back to the upside. For those who read our previous report on this pair (see link below) you may recall us mentioning to watch for a retest opportunity at the underside of 1.4200. Unfortunately we missed this move – well done to any of our readers who managed to get on board before it tumbled lower!

Fundamentally, Brexit fears and Tuesday’s terror attacks in Brussels have likely helped fuel the recent sell-off. Technically, however, this pair is in a beautiful place to be looking for longs at the moment. Collectively, we see the following structures:

• Psychological support 1.4100.
• Fibonacci support at 1.4089.
• Daily support at 1.4079.
• Weekly support at 1.4051 (Broken Quasimodo line).

What is more, there is very little resistance seen on the horizon until the 1.4200 region! Therefore, the above said area from 1.4100 to 1.4051, with the backing of a lower timeframe setup (preferably on the M30/M60), is somewhere we’d look to enter long today.

http://blog.icmarkets.com/wednesday-23rd-march-daily-technical-outlook-and-review/


Levels to watch/live orders:

• Buys: 1.4051/1.4100 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).
Nice analysis. I'm already long with target 1.426 (which is .382 fib on weekly level). What target would you suggest?
Reply
Hi,

Nice work and thanks. We're looking at the 1.42 region.

Reply
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