GBP/USD Forex Strategy : Aug 24, 2016, 09.51 AM
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TECHNICAL OUTLOOK
GBP/USD. Pair after opening at 1.3139 made a low of 1.3127 , and saw some short covering from lower levels the pair is respecting the levels of 1.3100 as a resistance and 20DMA at 1.3096 and now that has become support and the pair is making inverted head and shoulder pattern on hourly chart so intraday dips shall be utilized to buy the pair
Fundamental Overview
Pound is trading at 1.3181; remaining on a higher side as traders continued to exit short positions. There was no data supporting the move higher in yesterday’s session and focus would be on the UK GDP data that is scheduled to be reported later in the week. Expect rallies to be sold with 1.3250 as the immediate resistance.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
14:00:00 GBP BBA Mortgage Approvals 38.5K 40.1K
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TECHNICAL OUTLOOK
GBP/USD. Pair after opening at 1.3139 made a low of 1.3127 , and saw some short covering from lower levels the pair is respecting the levels of 1.3100 as a resistance and 20DMA at 1.3096 and now that has become support and the pair is making inverted head and shoulder pattern on hourly chart so intraday dips shall be utilized to buy the pair
Fundamental Overview
Pound is trading at 1.3181; remaining on a higher side as traders continued to exit short positions. There was no data supporting the move higher in yesterday’s session and focus would be on the UK GDP data that is scheduled to be reported later in the week. Expect rallies to be sold with 1.3250 as the immediate resistance.
Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
14:00:00 GBP BBA Mortgage Approvals 38.5K 40.1K
