CapMoore

Important Levels Ahead of News Releases

FX:GBPUSD   British Pound/U.S. Dollar
31 0 3
Yesterday saw a sharp break of a serious support level
(Yearly S1/Weekly S1). Finally found some support by the
Weekly S2 at 1,4915. This happened at the same time that
SSI             hit extreme levels above 2,0 NetLongs.
It seems like price is aiming to complete the ABCD pattern ,
which is aligned with the D-level of a Butterfly Buy AND
Monthly S1 at 1,4850-70. This level is even stronger support
that the previous, that may also be the reason the Yearly S1
didn't support. Afterall it is rather small distance inbetween.

One scenario may see a pullback to the Yearly S1 at 1,4975,
for a retest before continuing to the 1,4850 level. Or price
will just slide lower before the Important prints coming up.
A perfect technical scenario would see price hitting the
1,4850 level by the release of NFP. And with dissapointing
figures we could see a sharp short squeese. If the 1,4850
level is broken without much support, we may see a prolonged
bearish move. It is gearing up for big moves. Use stop losses
and avoid heavy leverage.
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