justatrader
Long

Still bullish on GBPUSD

FX:GBPUSD   Pound Sterling/U.S. Dollar
270 1 4
FOMC done with. There was an impulsive strength in USD but that seems to be fading. Today's GDP numbers didn't really help with the USD's rally.

Today's low was to the pip at 1.5959 level (0.1 pip lower to be precise), making the inverted H&S still a valid potential pattern to watch for.

First test would be a break above 1.6103 for the IHS             to be validated. Today's candle so far is shaping up to be a Piercing Line pattern. There's still some 6 hrs             left and unless something adverse happens that would see declines in GBPUSD             , we can take today's candle to be bullish .

Long term, 1.64342 will be the first target, while waiting for a confirmation of the resumption of the uptrend (more on this later).
I will take the other side of that trade all day GBP/USD 1.5800
GBP/USD DOWNTREND CONTINUATION
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