GBP/USD tech outlook... (shorts favored)
The GBP made considerable ground against its US counterpart on Tuesday, following upbeat UK inflation figures. The move broke through both a H4 trendline resistance extended from the high 1.2706 and a daily resistance logged in at 1.2430 (now acting support).
Thanks to this recent advance, there’s a rather attractive H4 sell zone seen just ahead (painted in green) at 1.2523/1.25. Supporting a bounce from this area is as follows:
• The 1.25 handle.
• A H4 trendline resistance taken from the low 1.2346.
• An 88.6% H4 retracement seen at 1.2518.
• A daily Quasimodo resistance level coming in at 1.2523.
• All of the above structures are located within weekly supply positioned at 1.2569-1.2404.
Our suggestions: Dependent on the time of day, a short from this area could be something to consider. Aggressive stops are seen at 1.2525, while conservative stops can be placed above the weekly supply at 1.2571. Ultimately, we’d look to ride this train down to at least the daily support hurdle mentioned above at 1.2430.
Data points to consider: There’s little scheduled news on the docket today.
Thanks to this recent advance, there’s a rather attractive H4 sell zone seen just ahead (painted in green) at 1.2523/1.25. Supporting a bounce from this area is as follows:
• The 1.25 handle.
• A H4 trendline resistance taken from the low 1.2346.
• An 88.6% H4 retracement seen at 1.2518.
• A daily Quasimodo resistance level coming in at 1.2523.
• All of the above structures are located within weekly supply positioned at 1.2569-1.2404.
Our suggestions: Dependent on the time of day, a short from this area could be something to consider. Aggressive stops are seen at 1.2525, while conservative stops can be placed above the weekly supply at 1.2571. Ultimately, we’d look to ride this train down to at least the daily support hurdle mentioned above at 1.2430.
Data points to consider: There’s little scheduled news on the docket today.
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