GBP/USD: Weekly technical outlook and review...
Weekly view: The GBP/USD edged higher last week gaining around 130 pips in value at the close 1.5433. Consequent to this, price connected with the underside of supply formed from 1.5658-1.5425. This area – coupled with trendline resistance from the high 1.7190 and swap level resistance just above at 1.5733 is certainly a zone to keep an eye on this week for potential shorts. A decline from current price, as far as we see, only has around 200 pips of free space below to move down to channel support extended from the low 1.4586. It will be interesting to see what the lower timeframes have to offer…
Weekly levels to watch this week fall in at: 1.5658-1.5425/Trendline resistance (1.7190)/ 1.5733/ Channel support (1.4586).
Daily view: In line with the weekly timeframe, we also see that price held firm at the underside of a swap resistance level coming in at 1.5484 from Wednesday’s close (1.5474) onwards. The next downside target to keep a tab on from here comes in around a swap demand base at 1.5338-1.5392. In the event that this demand area is taken out this week, Last Tuesday’s low 1.5199, followed closely by demand at 1.5088-1.5173 will be the next hurdles to watch.
Daily levels to watch this week fall in at: 1.5484/1.5338-1.5392/1.5199/1.5088-1.5173.
4hr view: Like its bigger brother, the EUR/USD, the GBP/USD was also rather slow during Friday’s sessions. Price traded from highs of 1.5486 reaching as low as the 1.5430 mark on the day.
With little change seen going into this morning’s open 1.5434, much of our previous analysis still holds firm. For those who read our last report on Cable (blog.icmarkets.com/friday-16th-october-daily-technical-outlook-and-review/), you may recall that we still have 50% of our position left running in the market from our short taken at 1.5506 and our stop firmly positioned at breakeven. Our team continues to eye psychological support 1.5400 to take further profits, and judging by what the higher timeframes are suggesting (see above) at the moment, this level is likely going to be hit sometime today.
It would be at this point, the 1.5400 figure, that things may become a little trickier however. Note that this number also coincides with the daily swap (demand) base mentioned above at 1.5338-1.5392. Therefore, even with a close seen below 1.5400 today, traders should remain wary not only because of the above said daily demand, but also due to the near-term 4hr swap support barriers positioned just below at 1.5384/1.5373.
On the flip side, should our breakeven stop be hit today, and price continues to advance higher, our team will then be watching to see if price connects with the Harmonic Bat completion point sitting around psychological resistance 1.5600. This, like the current area of supply at 1.5528-1.5510 and its converging structures (see chart), is another strong sell zone in this market.
Levels to watch/ live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.5506 [LIVE] (Stop loss: Breakeven) 1.5600 Tentative – confirmation required (Stop loss: dependent on where one confirms this level).
Weekly levels to watch this week fall in at: 1.5658-1.5425/Trendline resistance (1.7190)/ 1.5733/ Channel support (1.4586).
Daily view: In line with the weekly timeframe, we also see that price held firm at the underside of a swap resistance level coming in at 1.5484 from Wednesday’s close (1.5474) onwards. The next downside target to keep a tab on from here comes in around a swap demand base at 1.5338-1.5392. In the event that this demand area is taken out this week, Last Tuesday’s low 1.5199, followed closely by demand at 1.5088-1.5173 will be the next hurdles to watch.
Daily levels to watch this week fall in at: 1.5484/1.5338-1.5392/1.5199/1.5088-1.5173.
4hr view: Like its bigger brother, the EUR/USD, the GBP/USD was also rather slow during Friday’s sessions. Price traded from highs of 1.5486 reaching as low as the 1.5430 mark on the day.
With little change seen going into this morning’s open 1.5434, much of our previous analysis still holds firm. For those who read our last report on Cable (blog.icmarkets.com/friday-16th-october-daily-technical-outlook-and-review/), you may recall that we still have 50% of our position left running in the market from our short taken at 1.5506 and our stop firmly positioned at breakeven. Our team continues to eye psychological support 1.5400 to take further profits, and judging by what the higher timeframes are suggesting (see above) at the moment, this level is likely going to be hit sometime today.
It would be at this point, the 1.5400 figure, that things may become a little trickier however. Note that this number also coincides with the daily swap (demand) base mentioned above at 1.5338-1.5392. Therefore, even with a close seen below 1.5400 today, traders should remain wary not only because of the above said daily demand, but also due to the near-term 4hr swap support barriers positioned just below at 1.5384/1.5373.
On the flip side, should our breakeven stop be hit today, and price continues to advance higher, our team will then be watching to see if price connects with the Harmonic Bat completion point sitting around psychological resistance 1.5600. This, like the current area of supply at 1.5528-1.5510 and its converging structures (see chart), is another strong sell zone in this market.
Levels to watch/ live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.5506 [LIVE] (Stop loss: Breakeven) 1.5600 Tentative – confirmation required (Stop loss: dependent on where one confirms this level).
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