GBPUSD Daily Chart

Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- Rebound off the 1.54 Objective cited last week has continued to play out with precision
- Broader bias remains weighted to the downside- But may see limited declines on a move into key support confluence in the near-term
- Looking for extremely nimble intra-day longs, with rallies offering favorable short entries sub-1.54
- Break below key support 1.5188 (23.6% retracement, channel support) puts us back on track
- Objectives 1.5092 (monthly pivot) & 1.5012 (61.8% long-term Fibonacci extension)
- Breach above 1.5330 deemed neutral- Breach of 1.54 invalidates bearish bias
- RSI Break below 40-threshold (on a close basis) offers further conviction on subsequent short scalps
- Main events to watch this week: UK 1Q GDP on Thursday

Scalp Notes: Bottom Line: Need a break sub 1.5188 to get aggressive on the short side. The RSI signature since the Sunday open remains constructive in the near-term- Trigger break (depending on time) to put intra-day shorts in play. Watch for contentious price action at 1.5274/82 and into the 1.5188 threshold.
-Blue Retracement- Taken from Decline off 1.54
-Green Retracement- Taken from Advance off March low
*We will remain flexible with our bias with a break below 1.5188 eyeing subsequent support targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.
Key Threshold Grid
Entry/Exit Targets |
Timeframe |
Level |
Significance |
Resistance Target 1 |
30min |
1.5274 / 1.5282 |
23.6% & 38.2% Retraces |
Resistance Target 2 |
30min |
1.5307 |
38.2% Retracement |
Bearish Invalidation |
30min |
1.5330 |
61.8% Retracement |
Break Target 1 |
30min |
1.5365 |
78.6% Retracement |
Break Target 2 |
Daily / 30min |
1.5407 / 1.5410 |
38.2% Retrce/April High |
Break Target 3 |
Daily |
1.5455 |
100% Ext Off March Low |
Break Target 5 |
Daily |
1.55 / 1.5520 |
Big Figure / R2 Monthly |
Support Target 1 |
30min |
1.5252 |
23.6% Retracement |
Support Target 2 |
30min |
1.5220 |
Soft Support / Pivot |
Bullish Invalidation |
Daily / 30min |
1.5188 / 1.52 |
23.6% & 38.2% Retrces |
Break Target 1 |
30min |
1.5155 |
Soft Support / Pivot |
Break Target 2 |
30min |
1.5120 / 1.5130 |
50% Retrace / Pivot |
Break Target 3 |
Daily |
1.5090 |
Monthly Pivot |
Break Target 4 |
30min |
1.5055 |
61.8% Retracement |
Break Target 5 |
30min |
1.5032 |
April Low |
Daily |
113 |
Profit Target 25-27pips |
|
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---Written by Michael Boutros, Currency Strategist with DailyFX
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