Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5071)
Trade Strategy: Stand Aside
- Resistance Levels: 1.5250, 1.5385, 1.5605
- Support Levels: 1.5035, 1.48, 1.4570
The GBP/USD has seen some volatile price action of late. A choppy consolidative trade, to say the least. It would now appear that the British Pound is trying to form a bottom just above the key pivot located at 1.50. Please look at the below daily MT 4 chart. Note the Morning Star that formed. This could indicate a move higher.
Right now, we note near term resistance lining up at 1.5250. We need a daily close above this level to then challenge the next technical resistance at 1.5385. Should the Pound push back lower, then we need to close back below the key pivot at 1.50. Should this happen, then the GBP/USD will challenge 1.4570. We should note, that there is a minor support level at 1.5035, but the key pivot is at 1.50.
Looking at my MT 4 charts, I am not seeing a clear trading opportunity. Price action in the GBP/USD is inconclusive for either a long or short trade. For now, I am opting to stand aside and wait on a more actionable trade signal to develop.
