GBPUSD Base, But Bias for a Roll Lower

Technical Analysis


An extremely strong recovery effort last week and as we warned securing a base above 1.5013.

However, the head fake recovery effort with a Shooting Star type pattern Friday leaves bias back lower for Monday.


For Today:

  • We see a downside bias for 1.4913; break here aims for 1.4809.
  • But above 1.5054 opens risk up to 1.5164.

Short/ Intermediate-term Range Parameters: We see the range defined by 1.5164 and 1.4566.

Range Breakout Challenge

  • Upside: Above 1.5164 aims higher for 1.5256 and 1.5459.
  • Downside: Below 1.4500 aims for key longer term supports at 1.4295/28.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.