Technically daily GBPUSD outlook eyes on 1.5355 level. (5:53GMT)
NEWS THAT CAN HAVE AN IMPACT:
- EUROZONE INTEREST RATE DECISION (12:45 GMT)
- ECB PRESS CONFERENCE (13:30 GMT)
- UK SERVICES PMI (09:30 GMT)
- USA ADP NON FARM EMPLOYMENT (13:15 GMT)
- USA ISM NON MANUFACTURING PMI (15:00)
As written yesterday, “a correction up to 1.53 is likely to happen on good UK and bad USA prints (upcoming news). A bullish breakout of this level can produce hikes up to 1.5449.”
Chart 1: Daily GBPUSD eyes on 1.5355 (Click on the image to enlarge)
Today is not a day for trading via technical analysis. There are very little chances to find a precise momentum because too many different point of views (very relevant speech, news, speculations about Eurozone and USA interest rates, speculations about Non farm payrolls, etc.) will pile up.
Now, 1.5310 is a key-level and support.
A bullish breakout of 1.5355 level (must be confirmed with the level turning into a support) can still produce hikes up to 1.5449.
But in case of a combination of bad UK print and better-than-expected data from USA, GBP/USD can start a violent fall. Ultimate target for bears could be 1.5104.
Chart 2: H4 GBPUSD ultimate bearish 1.5104 (Click on the image to enlarge)
First Support: 1.5310
If breakout then->
->Second Support: 1.5170
If breakout then->
->Third Support: 1.5104
If breakout then->
->First resistance: 1.5355
If breakout then->
->Second resistance: 1.5420
If breakout then->
->Third resistance: 1.5490