Which way for GBP/USD next week 14th March 2016

FX:GBPUSD   British Pound / U.S. Dollar
Very mixed picture for GBP/USD             with several unanswered questions. If 1.4436 is a lower top and we wont know this for a while then we can expect GBP to weaken at the start of the trading week. RSI on H4 is overbought and turning south so we can expect some movement south if only to ease o.b. conditions.

The question is how far will any retrace go? As long as we remain in the channel then I expect GBP to head south and look for support from the lower channel which will coincide with the 200 sma . If the channel holds then we can expect GBP to head much higher towards 1.50.

A break of the 200 sma and the lower channel would suggest the broader downtrend is resuming and we can expect a return to a sub 1.40 rate.

I expect GBP to head lower from these levels but find support for a push higher throughout next week.

Heavy news week, next week from Tuesday.
Comment: The anticipated pullback in G/U continues and price has dropped out of the channel and under the 200 sma.
At this point we could go either way.
A close on H1 below 1.4233 and a failure to regain the channel would suggest we're headed lower though 1.4184 is WS1 pivot which may act as support.
Above 1.4255 and I shall look for a LONG entry. A retest of 1.4236 (200sma) and failure to break and I'll go SHORT.
Trade active: With RSI turning from oversold up and the Monthly Pivot preventing GBP BEARS from pushing further south, signs are we're headed back up.

I'm not super confident about this trade but I'm in at 1.4162 with a tight STOP at 1.4136.

Price is now 1.4178.

Plenty of hurdles ahead for GBP BULLS so I need to get this trade to b/e and see what happens.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out