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GBPUSD Short Scalps Target Objective at 1.54 - BoE on Tap

GBPUSD Short Scalps Target Objective at 1.54 - BoE on Tap

2013-05-07 16:33:00
Michael Boutros, Strategist
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GBPUSD Daily Chart

Forex_GBPUSD_Short_Scalps_Target_Initial_Objective_at_1.54_BoE_on_Tap_body_Picture_2.png, GBPUSD Short Scalps Target Objective at 1.54 - BoE on Tap

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Topside objective noted last week at 1.5586 has triggered- Bias remains bearish below this mark
  • Primary objective 1.5407 (38.2% retrace of 2013 range & 23.6% retrace of advance off March low)
  • Key Resistance1.5586 (50% Retrace of 2013 range) - Breech threatens 1.5680
  • Opening range for May puts a bearish tone for the month
  • Decline off the yearly high points to a 2 1/2 month cycle- brings into focus May 16th calendar date
  • Short Scalps have been in play since Friday with rallies offering favorable short entries sub-1.5586
  • RSI trendline trigger break to offer conviction on short scalps
  • Break below 1.5407 (on a close basis) offers conviction on short scalps- Secondary Objective range between 1.5188-1.5265.
  • Main events to watch this week: BOE interest rate decision and Industrial/Manufacturing Production on Thursday

GBPUSD Scalp Chart

Forex_GBPUSD_Short_Scalps_Target_Initial_Objective_at_1.54_BoE_on_Tap_body_Picture_1.png, GBPUSD Short Scalps Target Objective at 1.54 - BoE on Tap

Scalp Notes: Bottom Line: The conviction rejection off 1.5586 (four failed attempts) has put our short scalps in play. The 30min RSI signature has been bearish since the last attempt at a topside breech at the start of the week- Selling rallies into primary objective at 1.54-1.5407. Break below this mark targets a move back into the key support region noted last week at 1.5188-1.5265.

*We will remain flexible with our bias with a break above 1.5586 eyeing subsequent resistance 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

1.5550

Soft Resistance / Pivot

Bearish Invalidation

Daily

1.5585

50% Retracement

Break Target 1

30min

1.5630

Soft Resistance / Pivot

Break Target 2

30min

1.5650

78.6% Fib Ext

Break Target 3

Daily

1.5680

38.2% 09' Retrace

Break Target 5

Daily

1.5750/60

61.8% Retrace/200DMA

Support Target 1

30min

1.5509

23.6% Retracement

Support Target 3

30min

1.5475

Soft Support / Pivot

Support Target 2

30min

1.5449

38.2% Retracement

Bullish Invalidation

Daily / 30min

1.54 - 1.5407

38.2% & 50% Retraces

Break Target 1

30min

1.5375

Soft Support / Pivot

Break Target 2

30min

1.5350

61.8% Retracement

Break Target 3

30min

1.53 - 1.5310

Big Figure/ Soft Pivot

Break Target 4

30min

1.5280

78.6% Retracement

Average True Range

Daily

104

Profit Targets 23-25pips

For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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