GBPUSD has not had any important data this week. On Thursday after the data showed that British retail sales rose more then expected GBPUSD jumped but it was subsequently subdued by the USD strength. As we can see on the H4 chart with Weekly CAM PP, 1.5350 is important for bulls. If the pair manages to hold above 1.5350, bounces to 1.5450-1.5500 are possible. However if the price closes below 1.5350 then 1.5300, 1.5240 and 1.5170 are possible.
From the context of a possible GBPUSD bounce below 1.5350, we can see 1.5170 strong confluence with 88.6 fib and historical buyers so 1.5170 could provide bounces towards 1.5350. At this point I am paying attention to any H4/D close below or above 1.5350.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0750 to start the week
EUR/USD trades in positive territory above 1.0750 in the European session on Monday. The US Dollar struggles to find demand following Friday's disappointing labor market data and helps the pair hold its ground.
GBP/USD edges higher toward 1.2600
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold rebounds above $2,310 after downbeat NFP data, eyes on Fedspeak
Gold price trades in positive territory above $2,310 after closing the previous week in the red. The weaker-than-expected US employment data have boosted the odds of a September Fed rate cut, hurting the USD and helping XAU/USD find support.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.