Our take on the current GBP movements...

FX:GBPUSD   British Pound/U.S. Dollar
243 0 4
The GBP/USD             pair, as you can see, took a turn for the worst yesterday as the Bank of England kept interest rates low. This spiral south punched through several 4hr technical levels before finally showing some stabilization at the daily swap (support) level at 1.5484, consequently forcing prices to close back within the current bull flag taken from the high 1.5688 and low 1.5548.

For those who read our previous report (http://blog.icmarkets.com/thursday-6th-august-multiple-high-impacting-news-events-on-cable-today-remain-vigilant/), you may recall us mentioning to keep an eye on the daily swap (support)/weekly swap (support) area at 1.5484/1.5451 (green area), for potential long opportunities. Unfortunately, we missed this move entirely, well done to any of our readers who managed to lock in some green pips here!

If, like us, you missed this move, all may not be lost! Although price has tested the aforementioned daily swap (support) barrier, it has yet to test the weekly swap (support) level lurking just below it at 1.5451, which converges with the daily ascending channel support taken from the low 1.5087. If this does occur, price will once again; be in a fantastic buy zone to look for lower timeframe confirmation. It will be interesting to see what today’s NFP release brings to the table.

Levels to watch/ live orders:

• Buys: 1.5451 region. Tentative – confirmation required (Stop loss: Dependent on where one confirms this number)
• Sells: Flat (Stop loss: N/A).

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