GBP/USD: Forecast April 16, 2014
Jason Sen | Apr 16, 2014 07:13AM ET
GBP/USD retested 1.6685/80 to exit shorts & try longs with stops below 1.6660. However we unexpectedly touched 1.6656 before shooting higher. If longs were held they were rewarded with a move towards our target of 1.6755/60 as we topped almost exactly here at 1.6749. Today's outlook is more negative with good chance the 1.6750/60 will hold a move higher again today. Exit longs & try shorts with stops at 1.6790. A break higher could target last week's high at 1.6815/25. Try shorts again with wide stops above 1.6875 as this is such a major longer term Fibonacci resistance area.
Failure to beat 1.6750/60 keeps the market under pressure for a retest of 1.6685/80 & possibly yesterday's low at 1.6660/55. A very good chance of a low for the day here again but below here look for the next buying opportunity at 1.6635/25.
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