The first visit of the GBPUSD to the 1.6700 level has given it a bounce of more than 40 pips. We may still get a second visit to this same level, but must be careful, because the probabilities of a breakout have risen.
GBPUSD just sky rocket today and even with a GAP UP after the UK ILO Unemployment Rate (3M).
yes, that’s right. The probabilities of a breakout have risen tremendously.
Hello and thank you for this thread;
I traded GBP/AUD to the upside today, making 101.7 pips; however, overall and specifically with regard to GBP/USD, I see a market having fully priced in a Bank of England 2015 rate hike and I see a 1.6900 ceiling on GBP/USD, with the rising trend channel finding congestion towards the last hundred pips (at the time of writing this post, we are just above 1.6800).
I will be watching this pair for confirmation of this bias, once it reaches the 1.69 level - this level was resistance in the mid-to-late 1990s, then it was support in the mid-2000s, and became resistance again from August 2009 (and it held in mid-2011)…
Cheers.
Another visit of the GBPUSD to the 1.6800 level and a higher probability of price breaking to the upside, since the visits have become more frequent to that level. If we do get confirmation of a breakout, then we should wait for the pullback for a possible long entry.
GBP/USD support levels to watch today are 1.6780, 1.6740-50, 1.6720. Resistance zone to watch today is 1.6845-50
Today GBPUSD is dead (range bound) left for Easter.
Is it ICH with default settings?
GBP-positive M&A news have supported cable today.*Asia range: 1.6777-1.6806. Pfizer confirms desire to buy AstraZeneca.
It is likely that most traders have places their stops above 1.6850 (option barrier level)
Closed my GBP/AUD long this morning about an hour before the release of the UK 1Q GDP figures, and made just short of
100 pips… Thankfully this was a good move, because then the pair reversed and I would have lost quite a bit on the profit…
I am keeping my Sell GBP/USD for now, and it looks like the pair is reversing, although the rally needs consolidation.
We may still get to see a push higher on the GBPUSD and visit the 1.6900 from where a bounce to the downside is very probable.
GBPUSD is really trying to push higher but is facing a lot of resistance, let’s see if it can visit the 1.6900.