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GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

2015-08-05 20:28:00
Michael Boutros, Strategist
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Talking Points

GBPUSD Daily

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD consolidating below resistance at 1.5680-1.5700
  • Topside breach targets 1.5774 & key resistance into 1.5878
  • Interim support 1.5530 backed by 1.5468 & 1.5358
  • Daily momentum holding above 50 – outside reversal day – constructive
  • RSI close sub-50 alongside a move below 1.5530 would be bearish
  • Key Event Risk Ahead: BoE Interest Rate Decision & U.K. Quarterly Inflation Report Tomorrow and U.S. Non-Farm Payrolls on Friday

GBPUSD 30min

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Notes: Sterling has continued to consolidate after testing key resistance last week with the weekly opening range highlighting the 1.5530-1.5650 zone heading into key event risk into the close of the week. A breach above 1.57 would be needed to open up the next big leg higher for the pound with such a scenario targeting long scalps into the May high-day close at 1.5774.

A break sub-1.5528/36 shifts the focus to the short-side targeting confluence support into 1.5467. Subsequent support targets are eyed at 1.5420 & the July low-day close at 1.5359. A quarter of the daily average true range yields profit targets of 26-29pips per scalp. Caution is warranted heading into major event this week with the Bank of England Interest Rate Decision & the Quarterly Inflation report tomorrow leading the way into Friday’s highly anticipated U.S. Non-Farm Payrolls employment report.

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

Relevant Data Releases

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Other Setups in Play:

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

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