GBP/USD daily outlook

Looking to the daily chart, the cable is potentially about to from the second peak in a double top pattern. Consequently, as the pair reaches the 1.4765 mark traders will be looking for any sign of a reversal as this could mean some serious downside potential for the pound.

Whilst weaker fundamental results have serious downside potential, any upside movement will be severely capped by the robust long term zone of resistance at around the 1.48 handle. Additionally, the cable’s most recent rally has pushed the pair squarely into overbought territory. What’s more, the pound is not only oversold on the daily chart but on the weekly and H4 charts as well

Ultimately, with the probability of a Fed rate hike this June increasing, the pound is unlikely to be able to cling to recent gains for long. --> very strong reason to start selling off GBP/USD

The GBPUSD was indecisive yesterday. Price attempted to push higher, slipped above 1.4700 and the daily EMA 200 as you can see on my daily chart below but unable to make a clear breakout so far and hit 1.4656 earlier today. The bias is neutral in nearest term probably with a little bearish bias testing 1.4600 – 1.4550 support area. On the upside, 1.4700 remains a key resistance. A clear break and daily/weekly close above that area would activate my bullish mode next week targeting 1.5000 area.

GBP/USD is still pretty undecided. There appears to be a double top on the daily time-frame but there's no other signal that it will start falling again.

The GBPUSD fails to break above the 1.4700 level and falls back down really fast and close to breaking below the 1.4600 level.

The GBPUSD had a bullish momentum earlier today hit 1.4704. The bias is bullish in nearest term but 1.4700 region remains a key resistance and good place to sell with a tight stop loss. Immediate support is seen around 1.4660. A clear break below that area could lead price to neutral zone in nearest term testing 1.4600 region. On the upside, a clear break and daily close above 1.4700 would activate my bullish mode targeting 1.5000 area.

The pair dropped sharply today and it's currently testing the support at 1.4570. I think that if it breaks below that level it will reach 1.4520 - 1.4500.

It is the support staff through chat which can make a huge impression about the forex broker on the current and prospective clients. Traders always like those brokers which have a very good responsive and co operative operators on the chat because this market is fully online based and need to continue communication to understand every matter and solve any issue of the trader. I have got a lot of help from the support staff of ayrex.com in just an hour and I can surely tell that they are the best in the business in terms of support service provided to the traders.

The GBPUSD had a bearish momentum yesterday after another failure to make a clear break above 1.4700 key resistance as you can see on my daily chart below, bottomed at 1.4464. The bias is bearish in nearest term testing 1.4350. Immediate resistance is seen around 1.4550. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear.

I'm still short on this pair. Not only it reached 1.4500 it broke below that level and it's still falling. I have little doubt it will reach 1.4400 and I also think it might break below that support and continue towards 1.4330.

I think the pair is too undecided before the ECB press conference today, not to mention the NFP tomorrow. No signal is very reliable right now.

dianajs posted:
I think the pair is too undecided before the ECB press conference today, not to mention the NFP tomorrow. No signal is very reliable right now.

Spot on mate!

Interesting move last week.

The next support on the GBPUSD may be the 1.4300 level, to the upside, the 1.4500 may act as resistance.

The GBPUSD was indecisive last week. As you can see on my daily chart below price is moving sideways between 1.4700 – 1.4350 and we need a clear break from that range area to see clearer direction. The bias is neutral in nearest term. Immediate support is seen around 1.4350. A clear break and daily close below that area could trigger further bearish pressure testing 1.4000 this week. Immediate resistance is seen around 1.4480 – 1.4500 area. A clear break and daily close above that area could trigger further bullish pressure retesting 1.4700 key resistance.

The GBPUSD has been every where during today's session. First it drops below the 1.4400 level, then it retraces to the 1.4450 level, oscillates around the 55 day EMA and now it wants to drop back down.

The GBPUSD is not going any where until the UK referendum is over. For now there is no trend with volatility.

I agree, the pair is stuck in a relatively wide range between 1.4330 and 1.4740 which is most obvious on the daily time frame. Currently it's rising towards 1.4600 again. I don't think we'll see the range end before Brexit.

so I was watching the EU debate. Nothing much I could make out of it, rather than Boris being hammered with personal attacks...

Don't think the debate matter much, broadcastnow report fairly few viewers. But we are awaiting the polls, the polling results are still too close to call.