Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5592)
- Support Levels: 1.5548, 1.5450, 1.5390
- Resistance Levels: 1.5630, 1.57, 1.5789
- Trade Strategy: Stand Aside
The GBP/USD Forex market continues to trade quietly in a consolidation pattern. The Sterling has been trading below the all too familiar pivot at 1.57 for quite some time now and show no sign of a move in either direct. Please refer to the below daily GBP/USD Chart for today’s technical analysis.
Technical Analysis
Let’s look at today’s GBP/USD technical analysis. There is near term resistance lining up at 1.5630. A daily close above this level challenges the next technical resistance level lining up at the familiar 1.57 level, which we have been stuck under for some time now. The alternative technical analysis, should the Sterling push lower, thus pushing down the GBP/USD Forex market notes technical support lining up at 1.5548. A daily close below this technical support will open the doors for a challenge of the support lining up at 1.5450.
Trade Strategy
There is not a lot of event risk today. Dollar traders are still trying to figure out last week’s post FOMC remarks. Depending on data and how well the US economy is improving will signal a move by the Fed to raise interest rates and normalize economic policy. There is a chance we will get a rate hike in September. But there is still a chance the Fed will wait till December. As September approaches, we should get USD volatility. With the absence of event risk for today, I will rely on chart analysis for a trade decision. Price action is very inconclusive. There is no clear cut or actionable signal to warrant a long or short GBP trade at this time. With that said, I will opt to stand aside and monitory my charts for a clear cut trade opportunity to come along. For now, I remain flat in the GBP/USD Forex market.
