GBPUSD Technical Overview And Key Levels
Key Fundamentals: BoE’s Carney could not convince the markets for the further rate hikes. Markets need to see very strong macroeconomic data flow on the UK side. Even the negative US Job data could not stop DXY bullish run.
You can read our latest DXY analysis: DXY Overview
Weekly Chart: Strongly Bearish. Cable is below all main Moving Averages. Testing the Murrey Math Lines 1/8 a 1.29400.
Daily Chart: Strongly Bearish. MM Pivo4 at 1.29400. RSI has more rooms downside.
H4 Chart: Bullish Butterfly did not work. GBPUSD made 60 pips of retracement at 1.29700 and reversed at Fibo 38.2% of CD leg.
We expect the price to test 1.28500 support after the breakout of 1.29400. A minor retracement may happen at 1.28500. Break below 1.28500 will carry the price towards 1.26500.
Intraday trading opportunities will be published for the members.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.
You can contact us via Skype User Name: Chartreaderpro
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPUSD Technical Overview: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility