GBP/USD: technical outlook and review...
For those who read our previous report on Cable: blog.icmarkets.com/tuesday-6th-october-daily-technical-outlook-and-review/, you may recall us mentioning to keep an eye out for possible (confirmed) buys at demand formed from Friday’s NFP at 1.5126-1.5142. As shown on the chart, the market rallied a very cool 100 pips off the back of this zone, consequently surpassing psychological resistance 1.5200 and once again crossing swords with supply at 1.5259-1.5228.
In view of price currently trading at a well-respected supply zone right now, where does our team stand in the bigger picture? Up on the weekly timeframe, we can see that trade reacted splendidly from channel support (1.4564), while down on the daily timeframe price closed above the underside of a channel support-turned resistance (1.5329). This, at least in our book, suggests that selling from the 4hr supply zone mentioned above might not be the way to go today as the most we see price declining to from here is the 1.5200 figure.
That being the case, today’s spotlight will firmly be focused on 1.5240. Should a convincing close be seen above this barrier, this will, in effect, be our cue to begin watching for price to retest this level and look for confirmed longs into this market, targeting 1.5300 and possibly supply at 1.5363-1.5340.
Levels to watch/ live orders:
• Buys: Watch for offers at 1.5240 to be consumed and then look to enter on any retest seen at this number (confirmation required).
• Sells: Flat (Stop loss: N/A).
In view of price currently trading at a well-respected supply zone right now, where does our team stand in the bigger picture? Up on the weekly timeframe, we can see that trade reacted splendidly from channel support (1.4564), while down on the daily timeframe price closed above the underside of a channel support-turned resistance (1.5329). This, at least in our book, suggests that selling from the 4hr supply zone mentioned above might not be the way to go today as the most we see price declining to from here is the 1.5200 figure.
That being the case, today’s spotlight will firmly be focused on 1.5240. Should a convincing close be seen above this barrier, this will, in effect, be our cue to begin watching for price to retest this level and look for confirmed longs into this market, targeting 1.5300 and possibly supply at 1.5363-1.5340.
Levels to watch/ live orders:
• Buys: Watch for offers at 1.5240 to be consumed and then look to enter on any retest seen at this number (confirmation required).
• Sells: Flat (Stop loss: N/A).
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