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GBP Rebound Limited by 1.5780 Threshold- Short Scalps on Tap

GBP Rebound Limited by 1.5780 Threshold- Short Scalps on Tap

2013-06-11 17:15:00
Michael Boutros, Strategist
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GBPUSD Daily Chart

Forex_GBP_Rebound_Limited_by_1.5780_Threshold-_Short_Scalps_on_Tap_body_GBPUSD_DAILY.png, GBP Rebound Limited by 1.5780 Threshold- Short Scalps on Tap

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD in clean ascending channel- Monthly high (so far) tagged key Fib confluence at 1.5680
  • Topside likely limited by key resistance range 1.5765-1.5780- Broader bias bearish below this mark
  • Daily RSI suggests momentum remains weighted to the topside, test of key resistance may be likely
  • Scalps look for entries a bit higher, medium-term corrections to be sold below 1.5780
  • Medium-term support objectives at 1.5485 & 1.5408
  • Key Events Ahead- Jobless Claims and Employment data tomorrow 4:30ET

GBPUSD Scalp Chart

Forex_GBP_Rebound_Limited_by_1.5780_Threshold-_Short_Scalps_on_Tap_body_GBPUSD_Scalp.png, GBP Rebound Limited by 1.5780 Threshold- Short Scalps on Tap

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. As with the EURUSD, intra-day RSI has looked constructive since the Sunday open, but as we come into this key technical resistance threshold we may see momentum turn over and offer clear triggers to downside scalps. Watch the region between 1.5585-1.5610 as prices have gotten rather sticky around this range. It’s also important to note that a breach of the highs (our Fib reference point) invalidates the downside scalp targets. The break below 1.55 should get this going, but look out for a possible reaction at key support 1.5408-1.5425 with a break here offering further conviction on our broader directional bias.

*We will remain flexible with our bias with a break above 1.5780 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

Daily / 30min

1.5682- 1.5698

June High/ 88.6% Retrace/ 200DMA

Bearish Invalidation

Daily / 30min

1.5765- 1.5780

61.8% Retracement / 100% Ext

Break Target 1

Daily / 30min

1.5820

November Low / Pivot

Break Target 2

Daily

1.5875

February 2013 High

Break Target 3

30min

1.5910

Aug 2012 High / Oct 2012 Low

Support Target 1

Daily / 30min

1.5525

23.6% Retracement

Support Target 2

30min

1.5480 – 1.5495

Weekly Low / 61.8% Fib Ext

Bullish Invalidation

Daily / 30min

1.5408- 1.5425

38.2% Retrace / Breakout Origin

Break Target 1

30min

1.5375

Soft Support / Pivot

Break Target 2

30min

1.5345

50% Retracement

Break Target 3

30min

1.5310

Soft Support / Pivot

Break Target 4

Daily / 30min

1.5265

Key Fib Confluence 50% & 61.58%

Break Target 5

30min

1.5235

Soft Support / Pivot

Break Target 6

30min

1.5200

Big Figure

Break Target 7

30min

1.5153

78.6% Retracement

Average True Range

Daily

126

Profit Targets 28-30pips

Other Scalp Setups in Play- Euro to Face OMT Hearing- Short Scalps Favored Below 1.3340

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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