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GBPUSD Triggers 1.5127 Target- Cautiously Bearish Below 1.53

GBPUSD Triggers 1.5127 Target- Cautiously Bearish Below 1.53

2013-05-21 19:20:00
Michael Boutros, Strategist
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GBPUSD Daily Chart

Forex_GBPUSD_Triggers_1.5127_Target-_Cautiously_Bearish_Below_1.53_body_Picture_2.png, GBPUSD Triggers 1.5127 Target- Cautiously Bearish Below 1.53

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Third objective at 1.5127 has now been achieved (61.8% retracement of the mid-March rally)
  • Reaction at 1.5127 mark / Daily RSI hold above 40 – Suggests increased risk of near-term pullback
  • Broader bias remains bearish below 1.5310 – Breach targets resistance range 1.5407-1.5423
  • Break below today’s low (on a close basis) offers further conviction on short scalps
  • Support break eyes objectives 1.5012, 1.4920
  • Scalps look cautiously higher, medium-term corrections to be sold
  • Key Events Ahead- BoE minutes tomorrow morning

GBPUSD Scalp Chart

Forex_GBPUSD_Triggers_1.5127_Target-_Cautiously_Bearish_Below_1.53_body_Picture_1.png, GBPUSD Triggers 1.5127 Target- Cautiously Bearish Below 1.53

Scalp Notes: Bottom Line: Although our longer-term bias remains weighted to the downside, the pair may continue to correct higher in the near-term, offering nimble long-scalps on breaks of resistance and favorable medium-term short entries higher. Intra-day RSI has remained bearish since Monday evening in New York with a breach above trendline resistance dating back to this week’s high offering further conviction on long entries. The broader outlook remains bearish so long as price respects the 1.5310 resistance barrier.

*We will remain flexible with our bias with a break below 1.5112 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

1.5186

23.6% Fib Retracement

Resistance Target 2

30min / Daily

1.5218

50% Fib Retracement

Resistance Target 3

30min

1.5260

Soft Resistance / Pivot

Bearish Invalidation

30min / Daily

1.53 – 1.5310

38.2% Fib Retracement(s)

Break Target 1

30min

1.5335

Soft Resistance / Pivot

Break Target 2

30min

1.5359

50% Fib Retracement

Break Target 3

30min

1.5380

Soft Resistance / Pivot

Break Target 4

30min / Daily

1.5407 - 1.5423

23.6% & 38.2% Retracements

Bullish Invalidation

30min / Daily

1.5112-1.5127

May Low / 61.8% Retracement

Break Target 1

30min

1.5080

Soft Support / Pivot

Break Target 2

30min

1.5040

Soft Support / Pivot

Break Target 3

30min / Daily

1.4996-1.5012

618% Fib Extension / 78.6 Retrace

Break Target 4

30min

1.4920

88.6% Fib Retracement

Average True Range

Daily

121

Profit Targets 27-30pips

Other Scalp Setups in Play- Scalping the USDCHF Correction- Buying Dips Above 0.9540

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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