GBP/USD: Technical outlook and review...

FX:GBPUSD   British Pound / U.S. Dollar
174 0 1
Very similar to the EUR, the GBP also sold off during the London open. This saw price wipe out the 4hr demand area coming in at 1.5624-1.5653, and drive itself into the psychological threshold 1.5600, which at the time of writing is holding firm ( bullish pin-bar candle just printed).

With the weekly timeframe showing resistive pressure coming in from the underside of a weekly swap level 1.5733, and price only recently closing below a daily swap area of support at 1.5698-1.5658, technically this pair does not look in good shape.

Therefore, we guess it is all up to the 1.5600 number going into today’s sessions. If the buyers can hold out above this level, they will then need to consume any offers remaining within the recently broken 4hr demand area. Should this happen, the bulls may then have a chance here. That said though, with both the weekly and daily charts pointing south at the moment, we would not feel comfortable trading long from here. Conversely, if price breaks through 1.5600, we see further weakness below. The yellow box shows very little active demand (in our opinion) other than the 4hr demand area seen at 1.5486-1.5528, which converges not only with round-number support at 1.5500, but also the daily swap zone at 1.5491-1.5435.

With all of the above taken into account, and the fact that we have the mighty NFP data to look forward to later, we have very little interest in buying this pair. Selling, however, could be a possibility on the break and retest of 1.5600, but let’s see what happens during the course of today’s sessions as price notoriously consolidates ahead of NFP releases.

Levels to watch/ live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: Flat (Stop loss: N/A).

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