Hoag

GBPUSD Technical Analysis: Can bullish move sustain?

FX:GBPUSD   British Pound/U.S. Dollar
Talking Points:

  • GBPUSD Technical Strategy: Neutral
  • Support: 1.5590, 1.5575, 1.5540
  • Resistance: 1.5630, 1.5645, 1.5670

The GBPUSD             is in consolidation zone and might be continue it’s consolidation for near future. Break of 1.5630 will open a door will challenge 1.5670 and 1.5730 resistance. On alternate, break of current support at 1.5600 will find support near 1.5670 and 1.5645.

On elliottwave view, we are holding temporary bullish view as part of correction label of wave A-B-C and our primary target will be 1.5730, while break of 1.5575 will invalidate our idea and suggest aggressive downside for wave 3.

We were short from 1.5605 level with initial stop loss at 1.5575 for targeting first half at 1.5720. Once our first objective met, we will move stop loss to break even.
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