Pending buy order set at 1.2505
Weekly gain/loss: - 150 pips
Weekly closing price: 1.2571
Weekly view: The move north seen from support at 1.1904 is, at least in our view, seen as a correctional one so far rather than a trend change. The next upside objective can be seen at 1.2938: a resistance level, which is where we ultimately expect the bears to make their presence known.
Daily view: Following a near-touch of the resistance area seen at 1.2928-1.2789 (holds the Fib 61.8% resistance within at 1.2853) on Tuesday, the GBP slipped down to the broken Quasimodo support line at 1.2557. For the time being this barrier is seen holding ground, but we cannot rule out the possibility of a fakeout through this level down to the nearby trendline support drawn from the low 1.1904.
H4 view: A quick recap of Friday’s action on the H4 chart shows that the pair gained further traction above the mid-way support at 1.2550 in the early hours of London. Strengthened by a better-than-expected UK goods trade balance reading, price closed above the 1.26 psychological level. However, as can be seen from the chart, the candles failed to sustain gains beyond this hurdle and quickly reversed tracks, with the market closing marginally lower on the day.
Direction for the week: As there is room seen to move north on the weekly chart, along with daily price currently kissing a broken Quasimodo support level (albeit yet to register any noteworthy move), the instrument could potentially trade higher this week.
Direction for today: Despite the current H4 mid-way point at 1.2550 linking nicely with the aforementioned daily broken Quasimodo line, we are looking a little lower on the curve today. Between the H4 61.8% Fib support at 1.2481 (green line) taken from the low 1.2301 and December’s opening level at 1.2514 (green zone) is, in our opinion, a far more attractive zone for price to be drawn to. Not only does the area blend closely with the above said daily trendline support, it boasts a H4 AB=CD bull pattern that completes at the 1.25 handle, and also intersects with two H4 trendline supports extending from the lows 1.2301/1.2113.
Our suggestions: The H4 area highlighted above in green is attractive given its confluence. With that being said, our desk has placed a pending buy order a little above 1.25 at 1.2505, and set a stop just below at 1.2477. As of current price, the first take-profit target will be the 1.2550 point.
Data points to consider: There are no high-impacting news events on the docket today relating to these two markets.
Weekly closing price: 1.2571
Weekly view: The move north seen from support at 1.1904 is, at least in our view, seen as a correctional one so far rather than a trend change. The next upside objective can be seen at 1.2938: a resistance level, which is where we ultimately expect the bears to make their presence known.
Daily view: Following a near-touch of the resistance area seen at 1.2928-1.2789 (holds the Fib 61.8% resistance within at 1.2853) on Tuesday, the GBP slipped down to the broken Quasimodo support line at 1.2557. For the time being this barrier is seen holding ground, but we cannot rule out the possibility of a fakeout through this level down to the nearby trendline support drawn from the low 1.1904.
H4 view: A quick recap of Friday’s action on the H4 chart shows that the pair gained further traction above the mid-way support at 1.2550 in the early hours of London. Strengthened by a better-than-expected UK goods trade balance reading, price closed above the 1.26 psychological level. However, as can be seen from the chart, the candles failed to sustain gains beyond this hurdle and quickly reversed tracks, with the market closing marginally lower on the day.
Direction for the week: As there is room seen to move north on the weekly chart, along with daily price currently kissing a broken Quasimodo support level (albeit yet to register any noteworthy move), the instrument could potentially trade higher this week.
Direction for today: Despite the current H4 mid-way point at 1.2550 linking nicely with the aforementioned daily broken Quasimodo line, we are looking a little lower on the curve today. Between the H4 61.8% Fib support at 1.2481 (green line) taken from the low 1.2301 and December’s opening level at 1.2514 (green zone) is, in our opinion, a far more attractive zone for price to be drawn to. Not only does the area blend closely with the above said daily trendline support, it boasts a H4 AB=CD bull pattern that completes at the 1.25 handle, and also intersects with two H4 trendline supports extending from the lows 1.2301/1.2113.
Our suggestions: The H4 area highlighted above in green is attractive given its confluence. With that being said, our desk has placed a pending buy order a little above 1.25 at 1.2505, and set a stop just below at 1.2477. As of current price, the first take-profit target will be the 1.2550 point.
Data points to consider: There are no high-impacting news events on the docket today relating to these two markets.
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