Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5619)
- Support Levels: 1.5557, 1.5470, 1.5418
- Trade Strategies: 1.5630, 1.57, 1.5787
- Trade Strategy: Stand Aside
The GBP/USD Forex market continues to trade quietly in a sideways range below the familiar $1.57 figure. Please refer to the below GBP/USD daily MT 4 chart for today’s technical analysis.
Technical Analysis
Let’s look discuss today’s GBP/USD Forex technical analysis. There is near term resistance lining up at 1.5630. A daily close above this level challenges the familiar pivot at 1.57. The alternative GBP/USD technical analysis, should the Sterling turn lower, thus bringing down the GBP/USD Forex pair, notes technical support lining up at 1.5557. A break below this level challenges the trend line support lining up at 1.5470.
Trade Strategy
There is not a lot of event risk to discuss today. On the GBP/USD economic calendar, the United States will release retail sales a bit later in the trading day. This can cause some Dollar volatility, but not a lot to adversely affect my trade daily trade strategy. I will rely more on my technical analysis and chart today.
Let’s get started. Price action is trading in a tight trading range between a technical support and resistance level. This means there is no clear cut price action to justify either a short GBP or long GBP trade. Timing is off from a risk to reward perspective to justify any type of trade today. Keeping this in mind, I will continue to stand aside and monitor my charts for a more opportune trade opportunity to present itself. For today, I am flat in the GBP/USD Forex market.
