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GBP/USD: In Need of Confirmation

GBP/USD: In Need of Confirmation

Kristian Kerr, Sr. Currency Strategist

GBP/USD rebounded off an important long-term trendline earlier in the week as pointed out by Jamie Saettele (read HERE). This so far successful test of support roughly coincided (+/- 2 days) with the measured move in time of the 2014 – 2015 decline in the pound so I am open to a possible counter-trend move higher. That all said, I don’t like trying to “buy falling knives” so I need to see at least some minor positive price action develop first before entering. Wednesday’s high around 1.4475 looks to be a clear near-term pivot with a close above required to commence any long operation. Renewed weakness under 1.4345 would force a rethink.

Looking to buy GBP/USD on a close above 1.4475 if it occurs before the end of the week. Stop sub 1.4345 if triggered.

Long ½ position in USD/MXN from around 17.1400. Trailing stop raised to just under 17.5000.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.