Wednesday, August 2, 2017

DAILY OUTLOOK FOR GBPUSD

INTRADAY CHART
BIAS:               We should see losses into the 1.3115-30 area 

Resistance:     1.3224          1.3244     1.3253-60     1.3281

Support:          1.3183-96     1.3171     1.3150          1.3130-41

MAIN ANALYSIS:             The expected range for the high was between 1.3165 and 1.3253. Yesterday saw the high at 1.3244. However, as long as we see a break below the 1.3190 low seen this morning there is still room down to 1.3175-80 - and I suspect this will just break and extend losses down to 1.3110 to 1.3135 area. Most likely we'll see a pullback before further losses develop.

COUNTER ANALYSIS:     Any direct break above 1.3244-53 could possibly reach 1.3281. At an extreme, the projection could reach 1.3315. If we see higher, still observe for bearish reversal indications.

Good trading
Ian Copsey

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