Positioning Bias:
GBP/USD made a high of 1.5275 and has retreated from that level. It is facing short-term resistance around 1.5275 and any break of will target 1.5335/1.5409 in short term.
GBP/USD is trading in narrow range for past two trading session. The UK unemployment data is major indicator to be released tomorrow. It is expected to fall to 5.9% in the three months to November. A weaker than expected figure should exert downside pressure on cable.
On the downside minor support is around 1.5030 and any indicative break below will target 1.4825/1.4639.
Overall trend reversal on 1.5585 (support turned into resistance).
Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5155, SL 1.5275, Targets 1.4825.
GBP/USD made a high of 1.5275 and has retreated from that level. It is facing short-term resistance around 1.5275 and any break of will target 1.5335/1.5409 in short term.
GBP/USD is trading in narrow range for past two trading session. The UK unemployment data is major indicator to be released tomorrow. It is expected to fall to 5.9% in the three months to November. A weaker than expected figure should exert downside pressure on cable.
On the downside minor support is around 1.5030 and any indicative break below will target 1.4825/1.4639.
Overall trend reversal on 1.5585 (support turned into resistance).
Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell GBP/USD around 1.5155, SL 1.5275, Targets 1.4825.