Cable is bullish until 1.5090 holds.
Awating for the US data, GBP is moving between 0.382 and 0.618 levels of this huge downtrend pitchfork.
Below this level, the 1.50900 major support area (May 04/05) might be considered as a good target if the US data is better than expected.
If the data will be much higher than the expected, 1.272 fibo level (1.49857) should be the next target (where lower level of the pitchwork intercepts with 1.272 fibo). Keep in mind that below this level 1.4740/50 is the next and only support.
In my opinion, the data will be the same as the expected. In this situation, i'm expecting GBPUSD to hit the median (red bold line, 1.5270/80) or even higher levels: 1.53350 major resistance / 100MA or 0.286 of the pitchfork.
Bottomline:
IF 1,5090 still holds with a very good US data: LONG it.
IF the data is worse than the expected LONG it.
Below this level, the 1.50900 major support area (May 04/05) might be considered as a good target if the US data is better than expected.
If the data will be much higher than the expected, 1.272 fibo level (1.49857) should be the next target (where lower level of the pitchwork intercepts with 1.272 fibo). Keep in mind that below this level 1.4740/50 is the next and only support.
In my opinion, the data will be the same as the expected. In this situation, i'm expecting GBPUSD to hit the median (red bold line, 1.5270/80) or even higher levels: 1.53350 major resistance / 100MA or 0.286 of the pitchfork.
Bottomline:
IF 1,5090 still holds with a very good US data: LONG it.
IF the data is worse than the expected LONG it.
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