GBPUSD: Bullish, Eyes Further Upside.
GBPUSD: Having maintained its bullish offensive, GBP faces the risk of further strength currently underway. On the upside, resistance resides at the 1.5300 level with a break aiming at the 1.5350 level. A violation will aim at the 1.5400 level and possibly higher towards the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.5150 level where a break if seen will aim at the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. On the whole, GBP continues to retain its recovery threats.
The USD is not off the hook yet. Traders are waiting to see what comes of the Jobs numbers on Friday, and based on recent economic data from the U.S Department of Commerce, a disappointment seems most likely. This is one of the reasons the GBP is rallying against the USD, and could continue through next week.
Please see below our daily information:
Yesterday’s P/L was: 0.29%
Februar’s P/L is at: 0.91%
GBPUSD - Intraday - We look to Buy at 1.5300 (stop at 1.5270) Traded to the highest level in 4 weeks. Yesterday’s Marabuzo is located at 1.5251. The previous swing high is located at 1.5268. The 161.8% Fibonacci extension is located at 1.5391 from 1.4950 to 1.5227. Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher. Our profit targets will be 1.5360 and 1.5391 Resistance: 1.5350 / 1.5391 / 1.5441 Support: 1.5317 / 1.5288 / 1.5233 -
Disclaimer: It is not a recommendation to buy or sell, nor does it constitute advice and you should not act upon this information.
The cable looks likely to be heading back to 1.5000 after last week’s strong U.S jobs data. This puts off some initial fears of slowdown in the USD, after the previous economic data disappointed. Perhaps the belief of a rate hike is back up and could continue to fuel the USD. As for now, GBP/USD seems set to test the 1.5000 level.
Yesterday P/L: 0.19%
GBPUSD - Intraday - We look to Sell a break of 1.5390 (stop at 1.5420) Traded to the highest level in 6 weeks. Bespoke resistance is located at 1.5418. Rally capped by the daily Ichimoku Cloud. With the Ichimoku cloud resistance above we expect gains to be limited. Further downside is expected, however, due to the strong support below we prefer to sell a break of 1.5390, which will confirm the bearish sentiment. Our profit targets will be 1.5345 and 1.5315 Resistance: 1.5418 / 1.5475 / 1.5500 Support: 1.5390 / 1.5342 / 1.5315 -
Disclaimer: It is not a recommendation to buy or sell, nor does it constitute advice and you should not act upon this information.