justatrader

GBPUSD - What's in store?

FX:GBPUSD   British Pound / U.S. Dollar
381 1 1
Daily charts ... possible bullish flag pattern. Divergence to RSI with price towards 1.6158 levels. Possible bounce from there on to the upside with a target of 1.7 regions.

Alternatively, a break below 1.61587 could perhaps see the cable drop even more. Interesting set up before the BoE's MPC             and jobs report. Not much of data from the US today, so GBPUSD             should be most likely riding on UK's fundamentals today. Upside moves still see's some risks from next week's FOMC.

Staying on the sidelines for this one.
Resistance at 1.66027...
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