Don't Look For Strong Gains In GBP/USD
Ian Copsey | Aug 24, 2016 12:13AM ET
GBP/USD INTRADAY CHART
BIAS: We should be focusing on the downside today
Resistance: 1.3209-14 1.3234-48 1.3275-80 1.3300-05
Support: 1.3170-75 1.3145-50 1.3120 1.3100-05
MAIN ANALYSIS: While the 1.3170-75 support holds there may be an argument for a minor new high between 1.3209-24. However, I have my doubts. The fact that there is limited upside suggests we should not be looking for strong gains. A break below 1.3170-75 would signal losses down to 1.3120 at least - potentially as deep as 1.3100-05 or 1.3080-85. We should be looking for bullish reversal indications that will eventually take us to around 1.3324 at least.
COUNTER ANALYSIS: A direct break below 1.3022 - and allow for 1.2990-00 - would surprise and suggest stronger losses below 1.2973 and below…
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