03/06 – GBPUSD outlook eyes on 1.5355


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, GBPUSD outlook 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.

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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, GBPUSD outlook 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

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