18 November, AtoZForex.com, Islamabad – Although the British pound rebounded after falling to 1.5027 earlier this month, as 1.5265 capped Cable’s upside last week and the price has retreated. Especially after last night FOMC, GBPUSD is retaining the bearishness and consolidation with downside bias, which provides a good upside penetration towards 1.5293 side. Along with a clear break in 4H candle, it’s a confirmation of trend change for recovery.
Next, the least upside move should end around 1.5320. Yet, a clear break of the 61.8% of Fibonacci level will open the way towards 1.5435 and then to the 1.5508 side, to complete this move in the next couple of days.
On the long term, I will say the recovery from 1.5026 in GBPUSD could extend higher. Deeper decline is still expected, as long as the 1.5508 resistance holds. Below 1.5026 will target a test on 1.4565 low. However, the break of 1.5508 will turn its focus back to the 1.5929 resistance.
The trend line exist around 1.5293, which is the exact high for today. A clear break of this level will open the way towards 1.5508 side or even more. Sellers need to beware, since a clear breakage of these range levels of 1.5165-5293 will lead Cable towards 1.5508.
For the short term, I will always favor to come in on the buy side from 1.5240-1.5215 for the target around 1.5320 or more. Consider more, if the pair play range remains under the 1.5320 level, then it could be a good selling point for scalping purposes, with the target of 1.5260 side.
Daily Pivot Point: 1.5212
Key point for buying today: 1.5240
Key point for selling today: 1.5320
My GBPUSD Trade Order for today
Buy GBPUSD: 1.5265
Stop loss: 1.5228