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GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs

GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs

Michael Boutros, Strategist

Talking Points

  • GBPUSD responds to key support- broader outlook remains constructive
  • Rebound approaching near-term resistance into 1.57
  • Event Risk on TapThisWeek

GBP/USD Daily

GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD holding within the confines of well-defined median-line formation- constructive
  • Rebound off key support confluence keeps long bias in play
  • Key support at 1.5497- bullish invalidation
  • Interim resistance 1.5773 backed by key resistance into 1.5820/77
  • Break below support targets 1.5190, 1.5040
  • Momentum profile remains constructive- note pending support trigger
  • Event Risk Ahead: U.S. Consumer Price Index (CPI) on Friday

GBP/USD 30min

GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs

Notes:The pound has reacted to a key support confluence just below the 1.54-handle with the rebound taking out the ML extending off last week’s highs. The broader trade remains constructive above this feature with our near-term bullish invalidation eyed at the highlighted region around the 1.5542 with a break sub 1.5497 (close basis) putting the short-side back into play.

Bottom line: we’ll favor buying pullbacks / resistance triggers while above the ML with a breach above upper MLP / 1.57 targeting subsequent topside resistance objectives into the 1.5877 barrier. A quarter of the daily ATR yields profit targets of 37-40 pips per scalp. Caution is warranted heading into tomorrow’s event risk with U.S. Inflation data likely to fuel added volatility in USD based pairs.

* 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.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

GBPUSD Longs Favored Above 1.5540- Scalps Target May Highs

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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