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GBP/USD- At make or break level of 1.4520

FX:GBPUSD   British Pound/U.S. Dollar
Cable rebounded from 1.4303 to test 1.4480 levels as expected. The pair managed to cut through offers around 1.4480-1.45 and jump to a high of 1.4537 before retreating slightly to 1.4516 levels.

Outlook - Inverse head and shoulder on hourly chart

  • The neckline level is 1.4520.
  • Breach of falling trend line on hourly + rebound seen today from trend line if followed by an hourly closing above 1.4520 now shall open doors for a rise to 1.47 (inv. H&S target).
  • In light of falling brexit fears and latest upbeat polls - Latest IPSOS Mori #Brexit poll sees #Remain leading with 55% - An hourly closing above 1.4520 appears likely.
  • However, note that inverse head and shoulder breakouts are more effective when the appear at the bottom of a major downtrend.
  • Hence, a failure to take out/sustain above 1.4520 could trigger a drop that may end up pushing the pair below 1.4332.

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