Forex Marketz Daily Forex News – Fully Markets Update
We have seen the GBP/USD turn sharply higher and should continue to do so unless we see a weekly reversal. Looking at the weekly chart, we see two rather large reversals over the last five weeks which means there could be one in the cards near the current price action.
The Sterling is now just above the pivot at 1.55. This is a key level which could determine the next big move in the GBP/USD Forex market. A break higher challenges the technical resistance level at 1.5784. This is the December price action high. A weekly close above this level will challenge 1.5875 then 1.5880. Near term support is lining up at 1.5550.
Price action is too close to a resistance level to justify a long GBP trade. Timing is off from a risk to reward perspective. There are no key reversal signals to warrant a short GBP trade at this time either. I am opting to stand aside and monitor my charts for a more opportune trade to come along.