Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

GBP/USD: pulling-back from range highs

Published 11/26/2013, 06:24 AM
Updated 07/07/2019, 08:10 AM

Cable remains range-bound after pulling back from the range highs. Yesterday was a bearish engulfing day; today prices fell initially but have now found support from the lower border of the triangle at 1.6145. A break below 1.6130 could signal a new leg down, targeting 1.6070 at first, and would be a very bearish sign. Against this, however, must be balanced the fact that the trend before the consolidation was up and so it is likely to continue. Also ADX on the daily chart is very low at 13.44 warning a breakout might be on the horizon as volatility has reached extreme lows. Therefore an upside break surprise is also a possibility, although I would want to see a decisive breach of 1.6290 or 1.6300 for confirmation, with a target at 1.6430. With BOE officials testifying this morning, and GDP tomorrow some volatility is on the cards.
GBPUSD26

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.