Nice run for Monday
Great rejection on a trade today and simple break and retest. British Pound September breakout stalls at initial resistance- outlook remains constructive
GBP/USD immediate advance may be vulnerable into monthly cross- NFPs on tap
Resistance 1.3414, 1.3500/15, 1.3671/85 (key)– Support 1.3091, 1.30, 1.2731/73 (key)
The British Pound marked a second weekly advance on Friday as the September opening-range breakout extended to fresh yearly highs. The rally was halted this week at technical resistance and although the broader outlook remains weighted to the topside, we note the risk for possible exhaustion / price inflection heading into the close of the month / quarter with bearish momentum divergence beginning to surface on tighter timeframes. These are the levels that matter on the GBP/USD weekly technical chart.
GBP/USD immediate advance may be vulnerable into monthly cross- NFPs on tap
Resistance 1.3414, 1.3500/15, 1.3671/85 (key)– Support 1.3091, 1.30, 1.2731/73 (key)
The British Pound marked a second weekly advance on Friday as the September opening-range breakout extended to fresh yearly highs. The rally was halted this week at technical resistance and although the broader outlook remains weighted to the topside, we note the risk for possible exhaustion / price inflection heading into the close of the month / quarter with bearish momentum divergence beginning to surface on tighter timeframes. These are the levels that matter on the GBP/USD weekly technical chart.
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