I did expect gbp/usd to be
reversing around the beginning of London open today, but that is not happening.
Well, London has just opened so we still have some time for that to happen. The
pair currently sits on 200 sma on 4 hour chart and may reverse any time. If it
proceeds falling next logical level of support is the low of August 12: 1.5534
level. Below that should be an even number of 1.5500.
If price does not
reverse within 90 minutes we shouldn’t be waiting for a reversal before US
session begins. Intra day resistance starts at 1.5600, followed by 1.5620 and
then by 1.5640.
Long term trend is down;
intermediate up and short term is neutral. We need to wait for key levels to be
reached before start taking bigger positions. If no signs of turnaround are
present positions should not be taken.
There is a high chance
that price will keep bouncing between 1.5540 and 1.5690 levels before FED
minutes are released. All majors could get a boost from the event and develop
some sort of directional bias.
Anyway, these are my
morning thoughts on Pound/US dollar pair.
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