Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5673)
- Resistance Levels: 1.57, 1.5787, 1.5930
- Support Levels: 1.5630, 1.5557, 1.5470
- Trade Strategy: Stand Aside
The GBP/USD Forex market has edged higher once again. The Sterling is now trading above range resistance and is now looking to challenge the pivot at 1.57. Please refer to the below daily MT 4 chart for today’s daily Forex technical analysis.
Technical Analysis
Let’s look at the GBP/USD technical analysis for today. There is near term resistance lining up at 1.57, mentioned above. A daily close above this level challenges the technical resistance lining up at 1.5787. The alternative GBP/USD technical analysis, should the Dollar fall lower, thus bringing this Forex market lower notes technical support lining up at 1.5630. A close below this technical support challenges the next technical support lining up at 1.5557.
Trade Strategy
Now let’s look at today’s GBP/USD trade strategy. There is not a lot of event risk on today economic calendar. There is housing data coming out of the United States later today but should not present a lot of price action volatility.
With this being said, I will need to rely more on my technical analysis and trading charts for a trade strategy. Let’s get started. Price action shows the GBP/USD wedged between a technical support and resistance level. This means there is no clear cut trade opportunity for a trade at this time. From a reward to risk perspective, taking a long GBP (short USD) trade is not feasible at this time. There are no clear cut bearish reversal signals either at this moment. This means, that taking a short GBP trade is a bit premature. With now clear cut trade opportunity, I will opt to stand aside and watch my charts. For today, I am flat in the GBP/USD Forex market.
