GBP/USD daily outlook

It's currently testing the resistance at 1.4220, a breakout above that level will mean it will likely continue rising much higher.

Even though the GBPUSD is trying to stall its rally, if the pair continues higher, then the 55 day EMA may act as resistance, around the 1.4353.

It seems like the GBPUSD wants to come back down, now the bullish correction is losing its momentum.

Expecting a move upward now.

The pair found resistance at 1.4390 and formed a doji candlestick on the daily time frame, I think it will retrace back to 1.4300 or lower.

The Bank of England may decide the direction on the GBPUSD during this week, but to far the pair may try to go lower.

I agree. In my opinion the next level of support is at 1.4120 but it may fall lower than that level.

Even though the GBPUSD dropped for today, the pair may end up consolidating around the 1.4200 and 1.4100 zone until the FED announcement.

It's testing 1.4100 at the moment. If it breaks below that level the next immediate target is 1.4060 - 1.4050.

dianajs posted:
It's testing 1.4100 at the moment. If it breaks below that level the next immediate target is 1.4060 - 1.4050.

good call .. 30 pips in the bag if you managed to get in .

more like 300 pips by now ..

DrVodka posted:
more like 300 pips by now ..

Fed quite an effect on it. And it will continue rising, the way it's going. It will probably reach 1.4400.

I exited my position, too uncertain.

arigoldman posted:
I exited my position, too uncertain.

I agree. It's testing the resistance at 1.4490 - 1.4500, but today's Friday and the market will close later today. It could break above the resistance, but I'm not sure how good of an idea it is to open such a new position at this time.

Looking for the 1.4110 if it breaks it......down to the 1.4053

32IN12Yes posted:
Looking for the 1.4110 if it breaks it......down to the 1.4053

It's still testing that support but will break below it, I think. I'm not sure whether it will reach 1.4050, but I think it will reach at least 1.4070.

It will likely return to 1.4070 - 1.4100 levels on Monday. No coming support for a rate hike from BOE, a hike from the Feds is still likely. All while you have brexit risk, with growing support. Telegraph poll about a week ago at 49% to leave - 47% to stay, all while leave was below 40 first half of 2015, and below 45 all of the remaing of the year, EU terrorism doesn't help the numbers.

I too think it will fall towards 1.4070. Once it reaches that support it will become clearer whether it will continue falling or not.

The GBPUSD had a bearish momentum last week bottomed at 1.4057. The bias is bearish in nearest term testing 1.4050. A clear break and daily close below that area could trigger further bearish pressure testing 1.3900 area. Immediate resistance is seen around 1.4200. A clear break and daily close above that area could trigger further bullish pressure testing 1.4300 – 1.4400 area. My major technical outlook remains neutral but as long as stays below 1.4200 I prefer a bearish scenario at this phase.