Wednesday, May 24, 2017

DAILY OUTLOOK FOR GBPUSD

INTRADAY CHART
BIAS:                 Still quite balanced here…

Resistance:      1.2975-80     1.2990-95     1.3020-25     1.3047-57

Support:           1.2941          1.2915-22     1.2900          1.2887

MAIN ANALYSIS:             The chart looks like a drunken slur… I suspect we should see a minor new low at least - below 1.2951 and then we'll have to contend with the possible 1.2915 level. This is critical in the final outcome. A break below will confirm the 1.3047 high as the final high and we should see losses down towards the 1.2829-41 area. However, it will likely not be direct and could still see pullback's higher. There's not a strong correlation between EUR and GBP so we have to work individually.

COUNTER ANALYSIS:    Until then there remains the alternative of a break above 1.3047-57 to suggest follow-through to 1.3086 or 1.3100 for a pullback of around 34 points approx and then a move up to the rough 1.3145-65 area. This should provide the final high for daily losses. 

Good trading
Ian Copsey

No comments:

Post a Comment