Daily Currency Report - GBP/USD
GBP/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 2.0350
Key G7 Resistance levels: 2.0220
Counter-trend opportunities: None
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Today's trade suggestion: Range trading between 2.0200 and 1.9900, the pound has not done nearly as well as the euro and is still in a weekly bearish mode. Continue to look to sell into rallies whilst below 2.0200, with tight stops and a target of 1.9900.
Summary: BUY 1.9990, for another move up to 2.0200. Sell near 2.0200 for another test of 2.000 and then on to 1.9600.
GBP/USD Hourly chart:
Weekly Trend direction: Bearish
Weekly trend reversal level: 2.0350
Key G7 Resistance levels: 2.0220
Counter-trend opportunities: None
Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance levels after an entry signal.
Today's trade suggestion: Range trading between 2.0200 and 1.9900, the pound has not done nearly as well as the euro and is still in a weekly bearish mode. Continue to look to sell into rallies whilst below 2.0200, with tight stops and a target of 1.9900.
Summary: BUY 1.9990, for another move up to 2.0200. Sell near 2.0200 for another test of 2.000 and then on to 1.9600.
GBP/USD Hourly chart:
GBP/USD Weekly chart:
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