GBPUSD 1.5416 – Short-term bullish – Approaches the 1.5507/1.5566 resistance zone
GBPUSD staged a sharp reversal off the 1.5163/1.5170 minor double bottom (September 4/7, 2015 lows) to reach 1.5475 (September 10, 2015 high), retracing near 50% of the 1.5818/1.5163 fall. While the 1.5338 support (September 10, 2015 low) near the 200 day moving average holds dips, scope remains for further gains near term through 1.5475 to open the 1.5507 resistance (August 27, 21015 high, near 50% retracement at 1.5489) ahead of 1.5566 (61.8% of the 1.5818/1.5163 fall). However, weakness below the 1.5338 area would caution bulls and shift the focus to 1.5268 (September 8, 2015).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
GBPUSD staged a sharp reversal off the 1.5163/1.5170 minor double bottom (September 4/7, 2015 lows) to reach 1.5475 (September 10, 2015 high), retracing near 50% of the 1.5818/1.5163 fall. While the 1.5338 support (September 10, 2015 low) near the 200 day moving average holds dips, scope remains for further gains near term through 1.5475 to open the 1.5507 resistance (August 27, 21015 high, near 50% retracement at 1.5489) ahead of 1.5566 (61.8% of the 1.5818/1.5163 fall). However, weakness below the 1.5338 area would caution bulls and shift the focus to 1.5268 (September 8, 2015).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
