i look to sell gbp/usd from (1.6565 - 1.6608) area…to (1.5940) …i think that it cant reach and break above 1.6645 and we have to focus on ny sesseion at monday and the price of gold so …if gold breakdown 933.0 this will take it to 914.0 area so sell gbp/usd will give more good results for the next week(s).
hi aymnakhlifat,
Did you end up making the trade when GBP/USD rose above 1.66?
no i see it will touch 1.59xx very soon
GU is so volatile
1.6550 has been tested 4 times in as many days so the rangebound action continues with a significant ceiling above there at 1.6663 thereafter. A break and close above these levels should see huge momentum to the upside but for now the only real action is intraday
The rally from 1.35 in the GBPUSD is probably just the beginning of a 4th wave correction. 4th waves commonly unfold as triangles. In this case, Cable would trade in a tightening range (at lower levels) for probably the rest of the month. Immediately, expect weakness in wave d of the triangle towards 1.40. Bottom line; a consolidation and break below 1.35 looks likely before an important low is in place.