Our take on the recent GBP movements...

FX:GBPUSD   British Pound / U.S. Dollar
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Recent action on the GBP shows price is currently trading within the confines of a very neatly defined bull flag taken from the high 1.5688 and low 1.5548. Trading within the limits of this flag is certainly a viable trade in our book. Nonetheless, there is a 4hr Quasimodo support level that jumped out to us and slapped us in the face this morning at 1.5564, which could cause a ripple within the flag (intraday buying opportunity here as long as lower timeframes confirm this level) as per the green arrows.

With that said, seeing as how it is quite a big news day for Pound Sterling             today, one could see higher timeframe action come into play here, which has been relatively dormant over the past few weeks. Dependent on the numbers drawn from news of course, Cable could push lower to connect with the daily swap (support)/weekly swap (support) area at 1.5484/1.5451 (green area). This could be, if lower timeframe price action is agreeable, a very nice base in which to look for longs from. Conversely, price may drive north and connect with the 4hr supply area above at 1.5731-1.5700, which ties in nicely with daily supply at 1.5787-1.5687 – a zone we certainly have on our watchlist for potential shorts today.

Levels to watch/ live orders:

• Buys: 1.5564 Tentative – confirmation required (Stop loss: Dependent on where one confirms this level) 1.5484/1.5451 Tentative – confirmation required (Stop loss: 1.5444).
• Sells: 1.5731-1.5700 Tentative – confirmation required (Stop loss: 1.5735).

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