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Price & Time: Top in GBP/USD?

Price & Time: Top in GBP/USD?

2013-12-05 16:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Cycle turn window on Friday in GBP/USD
  • NFP could see volatility rise

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

GBP/USD has undergone a fairly steady rise over the past weeks. Last week the exchange rate finally managed to push through the January extremes to record a new high for the year at 1.6441. However, a convergence of several short-and medium-term cycles over the next couple of days warns that some sort peak could be on the horizon for Cable. Complicating the matter somewhat from a trading standpoint is the fact that November US Employment Data is slated for Friday at 8:30 est and volatility is likely to rise in the aftermath of the event. While the 1.6441 level could provide resistance on any spike higher we prefer to try to position closer to 1.6600 given a convergence of Fibonacci and Gann levels there.

GBP/USD Daily Chart: December 5, 2013

range_DEC_5_body_Picture_2.png, Price & Time: Top in GBP/USD?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

range_DEC_5_body_Picture_1.png, Price & Time: Top in GBP/USD?

LEVELS TO WATCH

Resistance: 1.6441(YTD high), 1.6500(Gann/Fibonacci)

Support: 1.6300 (Psychological), 1.6255 (Gann)

Strategy: Sell GBP/USD

Entry: Sell GBP/USD at 1.6490

Stop: 1-day close above 1.6500

Target: 1.6255

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

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