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GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

Michael Boutros, Strategist

GBPUSD Daily Chart

Forex_GBPUSD_Clears_Primary_Objective-_Short_Scalps_In_Play_Sub-1.54_body_Picture_2.png, GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Primary 1.54 Objective has now been achieved- Maintaining Bearish Bias below this mark
  • Channel break dating back to March further reinforces our directional bias
  • Secondary objectives now in view 1.5218 - 1.5265 (50% near-term / long-term retracements)
  • Break eyes key support 1.5127 (61.8% retracement of the mid-March rally)
  • Daily RSI now looks to test 40-threshold- Break suggests correction off March lows is complete
  • Breech above 1.5407-1.5423 range (on a close basis) risks a run on 1.5586
  • Main events to watch this week: Jobless Claims / Quarterly Inflation Report on Wednesday (Significant Event Risk)

GBPUSD Scalp Chart

Forex_GBPUSD_Clears_Primary_Objective-_Short_Scalps_In_Play_Sub-1.54_body_Picture_1.png, GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

Scalp Notes: Bottom Line: Staying bearish below 1.54 – RSI signature is clearly bearish since the Sunday open but looks a tad overdone here and a relief rally is likely to offer better short entries. Looking to sell rallies into our secondary objective- 1.5218 with a break below the 1.5186-96 range offering further conviction on our directional bias. Watch out for Wednesday’s employment report and the BoE’s updated forecast- likely to offer further clarity on the MPC’s stance and could impact near-term sterling price action.

*We will remain flexible with our bias with a break above 1.54 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

1.5309

38.2% Retracement

Resistance Target 2

30min

1.5350

61.8% Retracement

Resistance Target 3

30min

1.5375

Soft Resistance / Pivot

Bearish Invalidation

30min / Daily

1.54-1.5407

50% & 38.2% Retracements

Break Target 1

30min

1.5449

38.2% Retracement

Break Target 2

30min

1.5475

Soft Resistance / Pivot

Break Target 3

30min

1.5508

23.6% Retracement

Break Target 4

30min

1.5550

Soft Resistance / Pivot

Break Target 5

Daily

1.5585

50% 2009 Retracement

Support Target 1

30min

1.5283

78.6% Retracement

Support Target 2

30min

1.5250

Soft Support / Pivot

Bullish Invalidation

Daily / 30min

1.5218

50% Retracement

Break Target 1

Daily / 30min

1.5186-1.5195

23.6% Retrace / March 23 Low

Break Target 2

30min

1.5155

Soft Support / Pivot

Break Target 3

30min

1.5127

61.8% Retracement

Average True Range

Daily

111

Profit Targets 25-27

Reviews today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups 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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