GBP/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 2.0080
Key G7 Support levels: 2.0280, 2.0200
Counter-trend opportunities: None
Strategy: Whilst above the weekly trend reversal level, buy dips to support levels after an entry signal.
Today's trade suggestion: Terribly boring as we consolidate around the 2.0400/2.0450 mark, waiting for the next round of dollar weakness. Weekly momentum has turned clearly bullish and this means we shall watch for dips to buy. Allow for some retracement to above mentioned support levels before buying, with tight stops and a target of circa 2.0600. Remember once again that the pound is at/near multi-decade highs, and this will cause volatile swings in both directions, and probably a sudden collapse later in the month as traders realise that we cannot go much higher. Aggressive traders might try counter-trend shorts between 2.0500 and 2.0600, but only on clear signs of reversal.
Summary: No change: BUY dips to 2.0280/2.0200, target 2.0500/2.0600. Aggressive traders might try selling on signs of topping while below 2.0650.
GBP/USD Hourly Chart:
GBP/USD Weekly Chart:
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