GBPUSD Daily Chart

Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- GBPUSD Correction Underway- Broader bias remains weighted to the Downside
- Break above resistance region at 1.5265- 1.5280 puts bullish interim scalp bias
- Primary objective region 1.5390-1.5435
- Longer-term outlook remains bearish below 1.5577 (Confluence 50% Retrace & 200DMA)
- Key Support region now 1.5265- 1.5280 (Fib Confluence with 100 & 50 DMAs)
- Daily RSI still some further upside before encountering TL resistance dating June high
- Key Events Ahead: 2Q GDP on Thursday
GBPUSD Scalp Chart

Scalp Notes: Although our longer-term bias remains weighted to the downside, we are looking for a new high to offer favorable short entries. Near-term scalp bias is bullish into 1.5392- 1.5435. A break above this mark risks further USD losses with such a scenario eyeing a key resistance range between 1.5550- 1.5576 (broader bearish invalidation). As opening range for the week is being put, in our focus will shift lower with a break below 1.5260 (Sunday low). A close below this mark offers further conviction on short scalps into subsequent support targets. Note that intra-day RSI remains in overbought territory and we will wait for the signature to reset to offer triggers on our subsequent scalps. Watch out for major event risk on Thursday with the 2Q GDP expected to expand another 0.6% q/q (up from 0.3% the previous quarter). Bottom line: looking for a new high to establish short positions as the pair continues to hold within the confines of an ascending channel formation dating back to the July 16th low.
* 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.
Key Threshold Grid
Entry/Exit Targets |
Timeframe |
Level |
Significance |
Bearish Invalidation |
Daily / 30min |
1.5392-1.5435 |
38.2% & 61.8% Retraces / 100% Fib Ext |
Break Target 1 |
30min |
1.5490 |
Soft Resistance / Pivot |
Break Target 2 |
30min |
1.5530 |
123.6% Fib Ext / Soft Resistance / Pivot |
Break Target 3 |
Daily / 30min |
1.5550-1.5575 |
50% & 78.6% Retraces / 200DMA (1.5580) |
Support Target 1 |
30min |
1.5348 |
78.6% Fib Extensions |
Bullish Invalidation |
Daily / 30min |
1.5265-1.5280 |
61.8% Ext / 50% Retrace / 50 & 100DMAs |
Break Target 1 |
30min |
1.5230 |
50% Fib Extension |
Break Target 2 |
30min |
1.5170- 1.5183 |
38.2% Retrace & 38.2% Fib Ext |
Break Target 3 |
30min |
1.5123 |
23.6% Fibonacci Extension |
Break Target 4 |
30min |
1.5080 |
Soft Support / Pivot |
Break Target 5 |
Daily / 30min |
1.5033 |
23.6% Fib Retracement |
Average True Range |
Daily |
152 |
Profit Targets 34-37pips |
Other Scalp Setups in Play- USDCHF Scalp Targets New Low- Short Bias at Risk Above 9360
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---Written by Michael Boutros, Currency Strategist with DailyFX
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