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The GBP/USD, good technical round number levels

Discussion in 'Forex Trading Systems and Strategies' started by fxstrategist, Nov 2, 2015.

  1. fxstrategist

    fxstrategist Corporal

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    Some currency pairs are more technical than others. The Pound versus the Dollar has been respecting very well the round number levels lately as we can see on the daily chart. The 1.5500 has no doubt been a very good resistance. A breakout above the 1.5500 level could take the pair to the 1.5600. To the downside we can see that the 1.5400 is currently acting as a support, but that could be temporary and the pair could try to go and visit the 1.5300 zone once again.
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  2. fxstrategist

    fxstrategist Corporal

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    Huge drop on the GBPUSD on Friday below the 1.5100 level, even though today it tried to correct to the upside, the bearish momentum is still in place and the pair may drop once again below the 1.5100 level.
     
  3. fxstrategist

    fxstrategist Corporal

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    The GBP/USD keeps oscillating around the 1.5200 level, but it remains weak. A visit to the 1.5100 is possible.
     
  4. fxstrategist

    fxstrategist Corporal

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    The GBPUSD touches the 1.4400 level, the bullish retracement may end here and the pair may try to go back down.
     
  5. fxstrategist

    fxstrategist Corporal

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    The 1.4500 level could be a good resistance for the GBPUSD, but the pair may break that level to the upside.
     
  6. fxstrategist

    fxstrategist Corporal

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    Possible support for the GBPUSD at the 1.4300 zone. Resistance at 1.4500 area. Culmination of bullish correction, prices may continue lower.
     
  7. fxstrategist

    fxstrategist Corporal

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    The GBPUSD tries to break below the 1.4300, it may be losing some momentum, but it could still go lower and touch the 1.4200.
     
  8. fxstrategist

    fxstrategist Corporal

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    The pullback on the GBPUSD to the 1.4000 could end there and the pair may continue lower, still we need to see a lower low below the 1.3833.
     
  9. mlawson71

    mlawson71 Corporal

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    I agree, the major resistance is at 1.4000 and the trend is still very bearish, so it will probably continue falling if it bounces off that level.
     
  10. fxstrategist

    fxstrategist Corporal

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    The 1.4300 could be good resistance on the GBPUSD, rally could be losing strength and a pulldown to the 1.4100 is possible.
     

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